Are you ready for the latest scoop on one of the hottest electric vehicle companies on the market? Mullen Automotive, ticker symbol NASDAQ:MULN, is making headlines today as the stock jumps 3% in the afternoon despite the major equity indices stumbling! The bears may no longer be targeting MULN with gusto as the short interest has been fading, and the bulls might be ready to move back in. A MarketBeat contributor, Thomas Hughes, suggests that the tide may be turning for Mullen with the combination of short interest data and chart patterns looking promising. And get this, the cost to borrow is on the rise, which could be impacting bearish sentiment for MULN, but the short interest and off-exchange short-volume ratio have decreased from last week, giving us hope. But hold on, it’s not all sunshine and rainbows for Mullen. Despite announcing their I-GO Commercial Urban Delivery EV to Europe last month, there’s been no update on this potentially game-changing initiative. And with Mullen being an unproven brand and facing broader pressures from rising interest rates, the narrative for the stock remains challenging. And let’s not forget, Mullen’s stock price has been on a downward trajectory since its debut, with a nearly 97% drop in price and a 47% decline in the past six months alone. It’s not just Mullen, many small-cap automakers have overpromised and underdelivered. So, my fellow finance enthusiasts, the bottom line is, don’t get too caught up in the excitement of a potential short squeeze. The fundamental issues behind MULN’s massive price decline still persist and it’s doubtful the company will be able to raise the necessary capital to turn their plans into reality. As always, exercise strict due diligence before investing. That’s all for now folks, stay tuned for more financial updates and, as always, happy investing!
#muln #mullenautomotive #mulnstock
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Disclosure: This video was done by myself, and it expresses my own opinions. This is not investment advice or financial advice and it should not be taken as investment advice or financial advice in any way shape or form. I am not receiving any form of compensation for this video from the company or organization that I am expressing opinions about. This video is for entertainment and or educational purposes only.
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