MULN Stock Forecast: Mullen Automotive tumbles over 10% but holds $1.30

NASDAQ:MULN kicked off the week on the wrong footing.
EV stocks surge into the weekend as markets jump higher.
Tesla received yet another price downgrade, this time from Credit Suisse.

Stocks Reporter FXStreet

Update: NASDAQ: MULN kicked off the week on the wrong footing, tumbling 10.27% to settle above four-day lows of $1.30. The stock failed to sustain last Friday’s rebound, tracking the negative momentum in Wall Street indices. Major US indices closed lower on Monday, weighed down by losses in technology shares, unable to continue with last week;s solid gains. The end-of-quarter flows combined with lingering recession fears kept investors on the back foot. Also, investors remain wary ahead of key US economic data and earnings reports that may escalate concerns over a potential economic slowdown.

NASDAQ:MULN had an eventful week, and closed out one of its strongest five-day periods of the year. On Friday, shares of MULN traded completely flat and closed the trading week at $1.46. A University of Michigan report released Friday morning stated that it anticipates inflation to retreat back to 5.3% over the next 12 months. This report combined with oversold conditions sent all three major indices well into the green, snapping their recent three-week slide. The Dow Jones added 823 basis points, the S&P 500 gained 3.06%, and the NASDAQ rose by 3.34% during the session.

Stay up to speed with hot stocks' news!

While Mullen cooled off from its hot week, other EV stocks were trading well higher during Friday’s session. Both Nio (NYSE:NIO) and Tesla (NASDAQ:TSLA) jumped higher by about 4.5% on Friday, while XPeng (NYSE:XPEV) led the way for the industry with a 7.04% gain. Chinese EV makers were out performing US EV makers after the Chinese State Council has been reportedly seeking to keep tax breaks in place for Chinese consumers. Rivian (NASDAQ:RIVN) and Lucid (NASDAQ:LCID) were similar to Mullen and had minimal change during Friday’s session.

Mullen stock price

In other Tesla news, the company received a price downgrade from long-time bull Dan Levy of Credit Suisse. Levy remains bullish on the stock, although he lowered his price target from $1,150 to $1,000 citing lower delivery figures for the quarter, shrinking margins due to higher costs, and higher interest rates as the reasons for the price cut. Teslas has raised the prices for its vehicles a few times already and CEO Elon Musk has mentioned supply chain issues and rising costs numerous times over the past few months.

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

Author

Stocks Reporter

FXStreet

AUD/USD flirts with 0.7000, lowest since early August amid bullish USD

AUD/USD hits a fresh low since early August during the Asian session on Friday and looks vulnerable near 0.7000 after breaking below the 200-day SMA overnight. Against the backdrop of the hawkish Fed, a two-day rally in oil prices revives inflation fears and continues to push US bond yields to multi-year highs. Adding to this, geopolitical risks lift the US Dollar to a two-month high, overshadowing RBA rate hike bets and weighing on the pair.

USD/JPY pulls back from three-week high after failing near 159.00

USD/JPY edges lower during the Asian session on Friday, stalling its recent strong move to a three-week high of 159.00 as Japanese Yen bears turn cautious amid intervention fears. Meanwhile, the US Dollar retains a strong bullish undertone as the Fed's hawkish outlook and oil-driven inflation fears continue to push US bond yields to multi-year peaks. Furthermore, the BoJ's dovish rate hike last week might cap JPY and support spot prices.

Gold treads water below $4,300

Gold grabs some buying attention and advances marginally at the end of the week, partially retracing the weekly decline, although it is still navigating below the key $4,300 mark per troy ounce. The fresh selling bias on the Greenback and the modest decline in US Treasury yields appear to support the humble advance in the precious metal.

Crypto Today: Bitcoin and Ethereum edge lower, XRP extends recovery as macro headwinds weigh

The broader cryptocurrency market is consolidating on Friday, with Bitcoin paring losses slightly above $84,000. Ethereum declines in tandem with BTC. Ripple (XRP), meanwhile, paints a different picture.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Federal Reserve (Fed) and the Bank of Japan (BoJ) have just done something remarkably similar. Both central banks raised interest rates by 25 basis points (bps) last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Fed and the BoJ have just done something remarkably similar. Both central banks raised interest rates by 25 bps last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.