MULN Stock Forecast: Mullen Automotive rises as Tesla upgrades raise EV stocks
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFER- NASDAQ:MULN gained 6.20% during Tuesday’s trading session.
- Tesla received a pair of analyst upgrades on Tuesday that boosted its stock.
- Global EV Sales rose in July as the sector claimed a 10% market share.
NASDAQ:MULN kicked off the post-Labor Day weekend with a positive day as some good news for the EV industry sparked a rally from the sector. On Tuesday, shares of MULN added 6.20% and closed the trading session at a price of $0.66. While Mullen was in the green, stocks extended their recent slide as all three major averages once again closed the day in the red. Some stronger than expected economic data from the August ISM report weighed on investors ahead of the September FOMC meeting. Overall, the Dow Jones fell by 173 basis points, and the S&P 500 and the NASDAQ dropped lower by 0.41% and 0.74% respectively during the session.
Stay up to speed with hot stocks' news!
It was a good day for Tesla (NASDAQ:TSLA) which typically leads to investors being bullish on other EV stocks as well. The industry leader received a glowing review from Goldman Sachs which reiterated its Buy rating for the stock and raised the price target to $333.33. In addition to this, Wolfe Research upgraded the stock from Buy to Outperform and raised the price target to $360.00 per share. Not surprisingly, EV stocks were generally on the rise on Tuesday, with Tesla adding 1.56% to outperform the broader markets.
Mullen stock price
In another positive for EV stocks, the global EV sales report for July was released with some encouraging growth for the sector. Overall EV sales were up by 61% on a year over year basis, while global market share hit 10% for the first time ever. This is impressive considering the ongoing macroeconomic headwinds that the sector has faced.
Like this article? Help us with some feedback by answering this survey:
- NASDAQ:MULN gained 6.20% during Tuesday’s trading session.
- Tesla received a pair of analyst upgrades on Tuesday that boosted its stock.
- Global EV Sales rose in July as the sector claimed a 10% market share.
NASDAQ:MULN kicked off the post-Labor Day weekend with a positive day as some good news for the EV industry sparked a rally from the sector. On Tuesday, shares of MULN added 6.20% and closed the trading session at a price of $0.66. While Mullen was in the green, stocks extended their recent slide as all three major averages once again closed the day in the red. Some stronger than expected economic data from the August ISM report weighed on investors ahead of the September FOMC meeting. Overall, the Dow Jones fell by 173 basis points, and the S&P 500 and the NASDAQ dropped lower by 0.41% and 0.74% respectively during the session.
Stay up to speed with hot stocks' news!
It was a good day for Tesla (NASDAQ:TSLA) which typically leads to investors being bullish on other EV stocks as well. The industry leader received a glowing review from Goldman Sachs which reiterated its Buy rating for the stock and raised the price target to $333.33. In addition to this, Wolfe Research upgraded the stock from Buy to Outperform and raised the price target to $360.00 per share. Not surprisingly, EV stocks were generally on the rise on Tuesday, with Tesla adding 1.56% to outperform the broader markets.
Mullen stock price
In another positive for EV stocks, the global EV sales report for July was released with some encouraging growth for the sector. Overall EV sales were up by 61% on a year over year basis, while global market share hit 10% for the first time ever. This is impressive considering the ongoing macroeconomic headwinds that the sector has faced.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.