MULN Stock News: Mullen Automotive sinks as EV sector gets flattened during sell off
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Subscribe to Premium- NASDAQ:MULN fell by 7.89% during Wednesday’s trading session.
- EV stocks slide as retail earnings tank the broader markets.
- Tesla gets a pair of downgrades and falls by nearly 7.0%.
NASDAQ:MULN fell for the second consecutive day as the EV startup stock succumbed to the broader market selling pressure during the session. On Wednesday, shares of MULN slumped by 7.89% and closed the trading day at $1.05. Weaker than expected earnings from companies like WalMart (NYSE:WMT) and Target (NYSE:TGT) dragged down the broader markets, as investors weighed these further signs of inflation in the US economy. The Dow Jones tanked by 1,164 basis points, the S&P 500 dropped by 4.04%, and the NASDAQ extended its weakness after dropping a further 4.73% during the session.
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The electric vehicle sector was not spared from the sell off, as most major EV makers were trading well in the red on Wednesday. Stocks like Lucid (NASDAQ:LCID), Rivian (NASDAQ:RIVN), Ford (NYSE:F), and General Motors (NYSE:GM) were all trading lower throughout the day. Chinese EV makers were also retreating, as Nio (NYSE:NIO), XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) dropped lower after major gains on Tuesday.
MULN stock forecast
One of the biggest losers on Wednesday was Tesla (NASDAQ:TSLA) after a couple of key analyst downgrades. First, Piper Sandler dropped its price target for the stock to $1,035 although it did reiterate its Overweight rating for the stock. Then, French bank Exane BNP Paribas lowered its price target to $600, and reiterates its Underperform rating for Tesla. Finally, to add salt to the wounds, Tesla was also removed from the S&P 500 ESG Index due to concerns over autopilot and and internal claims of racial discrimination. Tesla CEO Elon Musk fired back on Twitter, calling the ESG a scam. Shares of TSLA fell 6.80% as a result of these headlines.
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- NASDAQ:MULN fell by 7.89% during Wednesday’s trading session.
- EV stocks slide as retail earnings tank the broader markets.
- Tesla gets a pair of downgrades and falls by nearly 7.0%.
NASDAQ:MULN fell for the second consecutive day as the EV startup stock succumbed to the broader market selling pressure during the session. On Wednesday, shares of MULN slumped by 7.89% and closed the trading day at $1.05. Weaker than expected earnings from companies like WalMart (NYSE:WMT) and Target (NYSE:TGT) dragged down the broader markets, as investors weighed these further signs of inflation in the US economy. The Dow Jones tanked by 1,164 basis points, the S&P 500 dropped by 4.04%, and the NASDAQ extended its weakness after dropping a further 4.73% during the session.
Stay up to speed with hot stocks' news!
The electric vehicle sector was not spared from the sell off, as most major EV makers were trading well in the red on Wednesday. Stocks like Lucid (NASDAQ:LCID), Rivian (NASDAQ:RIVN), Ford (NYSE:F), and General Motors (NYSE:GM) were all trading lower throughout the day. Chinese EV makers were also retreating, as Nio (NYSE:NIO), XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) dropped lower after major gains on Tuesday.
MULN stock forecast
One of the biggest losers on Wednesday was Tesla (NASDAQ:TSLA) after a couple of key analyst downgrades. First, Piper Sandler dropped its price target for the stock to $1,035 although it did reiterate its Overweight rating for the stock. Then, French bank Exane BNP Paribas lowered its price target to $600, and reiterates its Underperform rating for Tesla. Finally, to add salt to the wounds, Tesla was also removed from the S&P 500 ESG Index due to concerns over autopilot and and internal claims of racial discrimination. Tesla CEO Elon Musk fired back on Twitter, calling the ESG a scam. Shares of TSLA fell 6.80% as a result of these headlines.
Like this article? Help us with some feedback by answering this survey:
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