MULN Stock Forecast: Mullen Automotive edges higher during strong trading day for EV stocks

NASDAQ:MULN extended its gains on Wednesday as the broader markets rallied and snapped their recent losing skid. Shares of MULN edged higher by a further 1.20% and closed the trading session at a price of $0.67. The move higher came on a day where stocks rallied as investors shrugged off what looks to be another 75 basis point interest rate hike at the FOMC meeting in September. Overall, the Dow Jones added 435 basis points, the S&P 500 gained 1.83%, and the NASDAQ rose by 2.14% during the session.

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Electric vehicle stocks were on the rise on Wednesday as the NASDAQ managed to snap its recent seven-day losing streak. Tesla (NASDAQ:TSLA) led the way once again on the back of a couple of price target raises from Tuesday. It was also reported that Tesla is in talks with the Canadian government to build one of its next GigaFactories north of the border. Other EV stocks that saw relief on Wednesday included Rivian (NASDAQ:RIVN) and Lucid (NASDAQ:LCID). Chinese EV makers were also above water after Nio (NYSE:NIO) reported second quarter earnings. Stocks of the big three rallied despite Nio reporting a wider than expected loss for the quarter.

Mullen stock price

With Mullen’s stock price hovering below the key $1.00 price level, could it be the latest meme stock forced into undergoing a reverse split to stay listed? If the stock continues to stay below $1.00, it could join other stocks like Sundial Growers (NASDAQ:SNDL) and MindMed (NASDAQ:MNMD) to consolidate its shares at the expense of shareholders.

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