What's Going On With EV-Maker Mullen Automotive's Stock?
Portfolio Pulse from Erica Kollmann
Mullen Automotive, Inc. (NASDAQ:MULN) shares surged over 50% in the past five days, attributed to the announcement of a new commercial dealer, National Auto Fleet Group, and a service agreement between its subsidiary Bollinger Motors and Amerit Fleet Solutions. The stock experienced heavy trading volume, with over 13.5 million shares traded, significantly above its 100-day average. The high short interest in MULN shares also contributed to the stock's volatility.
May 08, 2024 | 4:57 pm
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POSITIVE IMPACT
Mullen Automotive's stock has seen a significant increase, driven by strategic partnerships and high trading volume. The addition of a new commercial dealer and a service agreement for Bollinger Motors highlight the company's expanding footprint in the electric vehicle market.
The sharp increase in MULN's stock price can be attributed to the positive market reception of its recent announcements regarding the expansion of its commercial vehicle offerings and service capabilities. The heavy trading volume and significant short interest further amplify the stock's price movements, indicating a strong short-term bullish sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100