MULN Stock Forecast: Mullen Automotive sees its winless streak hit five consecutive days

NASDAQ:MULN fell by 7.38% during Wednesday’s trading session.
Mullen is set to announce its pilot program and new partnership with a Fortune 500 company.
Tesla extends losses as the stock receives yet another downgrade.

Stocks Reporter FXStreet

NASDAQ:MULN saw its recent downtrend continue as the EV startup hits its fifth consecutive winless day during Wednesday’s session. Shares of MULN dropped by a further 7.38% and closed the trading day at $1.13. Thursday marks the final day of the first half of 2022, a period that most investors will likely be eager to put behind them. Stocks were mixed on Wednesday, as the Dow Jones managed to eke out a gain of 82 basis points, while the S&P 500 and NASDAQ saw minimal losses of 0.07% and 0.03% respectively during the session.

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With the end of the quarter on Thursday, many of Mullen’s loyal investor group is anticipating a major announcement from the company. In a company update earlier this month revealed that the company is working on a new top secret pilot program with a Fortune 500 company. This program saw the release of a Mullen EV van model which was delivered to this mystery company and used in its fleet of vehicles. While no official word has been provided by the company, Mullen CEO David Michery did hint that it would provide an update on the plan by the end of the quarter, which is why investors are excited for Thursday.

Mullen stock price

In other EV news, Tesla (NASDAQ:TSLA) shares were sliding again on Wednesday, following a stock downgrade from a bearish CitiGroup analyst. Most Wall Street analysts are baking in a disappointing second quarter from the company, so Tesla’s stock has seen its fair share of price target cuts. On Wednesday, Citi analyst Itay Michaeli reiterated his sell rating for Tesla and his $375 price target ahead of the second quarter vehicle deliveries report. Shares of Tesla were down by 1.79% on Wednesday.

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Stocks Reporter

FXStreet

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