- NASDAQ:MULN fell by 10.27% during Monday’s trading session.
- EV stocks see a price downgrade from a Mizuho analyst.
- Mullen holds a round of hiring in key positions within the company.
NASDAQ:MULN kicked the last week of June off on the back foot as the broader markets slipped lower during a day of back and forth trading. On Monday, shares of MULN tumbled by 10.27% and closed the trading session at $1.31. All three major indices closed the day in the red after an encouraging bear market rally last week. With the end of the quarter and the first half of 2022 approaching, institutional investors and fund managers are rebalancing their portfolios. The Dow Jones inched lower by 62 basis points, while the S&P 500 and the NASDAQ posted a loss of 0.30% and 0.72% respectively during the session.
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A Mizuho analyst took the air out of the tires of EV stocks on Monday, as the Shanghai lockdowns and global supply chain issues are leading to some bearish sentiment. Vijay Rakesh downgraded the price targets of the stocks for Tesla (NASDAQ:TSLA), Nio (NYSE:NIO), and Rivian (NASDAQ:RIVN). It should be noted that Rakesh did maintain his Buy rating for all three stocks, so it seems like he only sees this regression in the stock price as a temporary issue.
Mullen stock price
Mullen recently announced that it had filled a number of new positions as the EV startup continues to ramp up operations. The company hired employees in its vehicle manufacturing, engineering, and integration departments, with fourteen key positions being filled. The new hires will likely be leading the way for the Mullen FIVE crossover EV that is due to hit North American markets in 2024 or 2025.
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