MULN Stock Forecast: Mullen Automotive up 11% last week

Mullen Automotive (MULN) closed the week on a down note but still managed to post a gain of over 11% for the past five trading days. On Friday, shares of MULN dropped by 3.9% and closed the trading session at a price of $0.52. Stocks rallied after a brutal week for big tech sell-offs. Apple (AAPL) surged higher by 7.5% after topping estimates for the third quarter, while Amazon (AMZN) tumbled after providing weaker fourth-quarter guidance. Overall, the Dow Jones added 2.6%, the S&P 500 gained 2.9%, and the Nasdaq rose higher by 2.9% to close the week.

Mullen Automotive stock price

Mullen’s Strikingly Different nationwide tour seems to be off to a hot start. The company reported that pre-orders for Mullen’s FIVE Crossover EV came in better than expected following the first two days of the tour. Mullen has announced that overall pre-orders quadrupled what they were before the tour started following the first stop in Pasadena, California. This is promising for Mullen, and investors will likely be keeping an eye on these pre-order levels as the tour makes its way across America. 

Mullen’s recent successes and acquisitions have landed it as a headlining company in the Cleantech & Climate Change Podcast Report. The company’s recent acquisition of the rights to I-GO’s new Urban Electric Vehicle was the highlight of the report. Mullen has also acquired Bollinger Motors and the assets and production factory of Electric Last Mile Solutions (ELMSQ) as well. 

MULN 5-minute chart 10/28/22