- MULN gained 7.1% during Wednesday’s trading session.
- EV stocks rally as markets bounce off bear market lows from Tuesday.
- Tesla prepares for its upcoming AI Day event on September 30.
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
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.