What's Going On With Mullen Automotive Stock?
Portfolio Pulse from Erica Kollmann
Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped after a 30% rise on Monday. The decline follows the company's announcement of new deliveries of the All-Electric Class 3, Mullen Three, to Randy Marion Automotive Group, a major U.S. commercial fleet dealer. Despite the news, MULN shares are trading above their 50-day moving average and have a high short interest of 12.83%. The stock is currently down by 5% at 20 cents.
December 05, 2023 | 3:29 pm
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NEGATIVE IMPACT
Mullen Automotive's stock is experiencing a pullback after a significant gain, despite positive delivery news to Randy Marion Automotive Group.
The short-term impact on MULN's stock is negative due to the current price drop, despite the positive delivery news which could be a sign of progress in the company's operations. The high short interest indicates market skepticism, which may contribute to the downward pressure on the stock price. However, the fact that the stock is above its 50-day moving average suggests some underlying strength, which could limit the extent of the short-term negative impact.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100