MULN Stock Forecast: Mullen Automotive rises as Tesla upgrades raise EV stocks

NASDAQ:MULN gained 6.20% during Tuesday’s trading session.
Tesla received a pair of analyst upgrades on Tuesday that boosted its stock.
Global EV Sales rose in July as the sector claimed a 10% market share.

Stocks Reporter FXStreet

NASDAQ:MULN kicked off the post-Labor Day weekend with a positive day as some good news for the EV industry sparked a rally from the sector. On Tuesday, shares of MULN added 6.20% and closed the trading session at a price of $0.66. While Mullen was in the green, stocks extended their recent slide as all three major averages once again closed the day in the red. Some stronger than expected economic data from the August ISM report weighed on investors ahead of the September FOMC meeting. Overall, the Dow Jones fell by 173 basis points, and the S&P 500 and the NASDAQ dropped lower by 0.41% and 0.74% respectively during the session.

Stay up to speed with hot stocks' news!

It was a good day for Tesla (NASDAQ:TSLA) which typically leads to investors being bullish on other EV stocks as well. The industry leader received a glowing review from Goldman Sachs which reiterated its Buy rating for the stock and raised the price target to $333.33. In addition to this, Wolfe Research upgraded the stock from Buy to Outperform and raised the price target to $360.00 per share. Not surprisingly, EV stocks were generally on the rise on Tuesday, with Tesla adding 1.56% to outperform the broader markets.

Mullen stock price

In another positive for EV stocks, the global EV sales report for July was released with some encouraging growth for the sector. Overall EV sales were up by 61% on a year over year basis, while global market share hit 10% for the first time ever. This is impressive considering the ongoing macroeconomic headwinds that the sector has faced.

Like this article? Help us with some feedback by answering this survey:

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD looks vacillating around 1.1800

EUR/USD alternates gains with losses around the 1.1800 neighbourhood amid marginal gains at the end of the week. The pair’s tepid move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the irresolute price action in the US Dollar.

GBP/USD slips back to daily lows near 1.3450

GBP/USD trades on the back foot on Friday, adding to Thursday’s losses around the 1.3450 region. Cable’s move lower comes amid the lacklustre performance of the Greenback in a context of a wide spread absence of volatility.

Gold flirts with four-week highs past $5,200

Gold adds to the ongoing recovery, up for the third day in a row and surpassing the $5,200 mark per troy ounce on Friday. The relentless uptick in the precious metal remains bolstered by steady geopolitical tensions and persistent uncertainty surrounding the US trade policy.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.