- NASDAQ:MULN gained 8.30% during Thursday’s trading session.
- EV stocks show signs of life even as Tesla dips further into the red.
- Rivian shares surge as the company provides positive guidance for 2022.
NASDAQ:MULN snapped its recent five-day losing streak as the EV startup stock tries desperately to recapture the $1.00 price level. On Thursday, shares of MULN rose by 8.30% and closed the trading session at $0.87. The stock nearly regained the $1.00 stock price during the morning as it hit an intraday high of $0.96, but the price tailed off into the closing bell. The broader markets were undecided on a direction for most of the session, and all three indices closed the day relatively flat. The Dow Jones extended its losing streak to six straight sessions, while the S&P inched lower by 0.13%, and the NASDAQ inched higher by 0.06%.
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The electric vehicle sector had a rare positive session, even as the industry leader Tesla (NASDAQ:TSLA) extended its declines. Shares of Lucid (NASDAQ:LCID), Nio (NYSE:NIO), XPeng (NYSE:XEPEV) and Rivian (NASDAQ:RIVN) all surged higher on Thursday. Tesla shares fell by 0.82% after recovering most of its losses from earlier in the session.
MULN stock forecast
Rivian soared by 17.96% after reporting a better than expected earnings call for the first quarter. The beleaguered EV truck maker has been under heavy scrutiny since going public, but the market was happy to hear that it remains on track to produce 25,000 EVs by the end of this year. It is a sign that the EV sector could be overcoming the ongoing supply chain issues, which could bode well for companies like Mullen as well. Legacy automakers Ford (NYSE:F) and General Motors (NYSE:GM) were down 4.59% and 3.04% respectively due to being downgraded to Underweight by Wells Fargo.
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