MULN Stock Forecast: Mullen Automotive stock loses 6.1% at start of Thursday trade

UPDATE: Wednesday's brief rally is already over. MULN stock has lost another 6.1% to trade at $0.3340. The sell-off has only gained steam as the first hour of Thursday's session comes to a close. That Nasdaq is down over 3%, a quite unusual demonstration of how few dip buyers are sticking around these days. The Dow Jones is off 1.9%, while the S&P 500 has shed 2.4%. Risky, growth and technology stocks continue to lead the way lower, and Mullen Automotive earns at least two of those monikers. The would-be EV maker is now worth just $190 million – 4,466 times smaller than Tesla (TSLA). Maybe no for long though. TSLA stock is off 5.4% as well in the first hour. So far in September, MULN stock has only gained ground in six sessions. The stock has fallen in eight out of the last 10 sessions.

Mullen Automotive (MULN) snapped its recent losing streak as growth stocks rallied off of the recent bear market lows. On Wednesday, shares of MULN rose by 7.1% and closed the trading session at a price of $0.36. All three major averages bounced off of Tuesday’s lows as the S&P 500 and the Dow Jones both snapped their six-day slides. Aside from a rare sell-off of Apple (AAPL) stock, the rally was broad and across most sectors on Wall Street. Overall, the Dow Jones added back 548 basis points, while the S&P 500 and the NASDAQ gained 1.97% and 2.05%, respectively, during the session. 

Mullen Automotive stock price

As can be expected with a 2% rise in the NASDAQ, EV stocks were firing on all cylinders during Wednesday’s trading session. Stocks like Lucid (LCID), Rivian (RIVN), Canoo (GOEV), and Nio (NIO) were all above water alongside Mullen. Industry leader Tesla (TSLA) closed the day up by 1.7% despite a strongly worded note from bearish Citi analyst Itay Michaeli, who reiterated his Sell rating and price target of $141.33. The note had Tesla trading lower by more than 2% in the morning.

In other Tesla news, the company is preparing for its annual AI Day event on September 30. It is anticipated that Tesla will be providing more insight into its Optimus AI robot that it announced at last year’s event. Musk has also previously hinted at new products rolling out in 2023, so there could be some more surprises in store at Friday’s show. 

MULN stock performance 9/29/22