MULN Stock Forecast: Mullen Automotive shares flat on Friday after four-day sell-off

NASDAQ:MULN fell by 9.73% during Thursday’s trading session.
Mullen Automotive failed to provide an update to shareholders by the end of the quarter.
EV Stocks dip ahead of what is anticipated to be a disappointing June delivery report.

Stocks Reporter FXStreet

UPDATE: MULN stock is flat on Friday one hour into the session. This is good news for shareholders, who have seen the share price drop precipitously for the whole week. MULN has dropped on four sessions in a row after making a close two sessions in a row at $1.46. Since then the price has dropped more than 40%. Mullen Automotive shares opened at $0.9650 before trading all the way down to a low of $0.9015 before reversing course and charging up as high as $1.05.

NASDAQ:MULN saw its stock slide lower for the sixth consecutive trading day after the company failed to provide a much anticipated update to shareholders. On Thursday, shares of MULN dropped by a further 9.73% and closed the trading session at $1.02 before slipping below the $1.00 mark in after hours trading. Stocks closed out the first half of 2022 on a losing note yet again as all three major indices fell for the third time this week. The Dow Jones sank by 253 basis points, while the S&P 500 and the NASDAQ dropped lower by 0.88% and 1.33% respectively during the session. In all, it was the worst first half posted by the benchmark S&P 500 since 1970.

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The reasons for Mullen’s decline? Aside from downward pressure across all growth sectors, the company’s loyal shareholders were disappointed by an absence of a formal update on its pilot project with a mystery Fortune 500 company. While nothing was set in stone. CEO David Michery did previously state that he would be providing an update to shareholders by the end of the quarter. The final day of the quarter came and went with no updates from Mullen, so shareholders were clearly exercising their frustrations by selling the stock.

Mullen stock price

EV stocks were once again on the decline on Thursday ahead of what looks to be a crucial monthly vehicle delivery report for June. Tesla (NASDAQ:TSLA), Nio (NYSE:NIO), and XPeng (NYSE:XPEV) were all trading below water, while Li Auto (NASDAQ:LI) managed a minimal gain. Monthly reports could come as early as Friday morning before the markets open.

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Stocks Reporter

FXStreet

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