MULN Stock News: Mullen Automotive tries to make up lost ground after three straight down sessions

UPDATE: MULN stock has rallied 5.1% to $0.3407 in Tuesday morning's session. Despite a sudden sell-off near the start of the regular session, Mullen Automotive stock has not traded in the red even once. The Russell 2000 is up over 3% on Tuesday, so there does seem to be more appetitite for small caps. At a sub-$200 million market cap, Mullen definitely fits the bill. Small cap stocks were largely left out of the pandemic market rally and now look more attractive than their large and mega cap brethren. If Mullen can continue with its performance into the close, then it will snap its three-session sell-off.

Mullen Automotive (MULN) started off the fourth quarter of the year on the back foot as it extended its losing streak to a third straight day. On Monday, shares of MULN slid lower by 1.1% and closed the first trading session of the month at a price of $0.32. Stocks surged on Monday as all three major averages rallied higher after a miserable close to September, which was the worst trading month for Wall Street since March 2020. Overall, the Dow Jones added 765 basis points, the S&P 500 gained 2.7%, and the NASDAQ rose by 2.3% during the session.

Mullen Automotive stock price

Mullen Automotive’s struggles continued into October as the stock hit a new all-time low price of $0.30 during intraday trading. The EV startup’s stock has seen a staggering loss of 94% so far in 2022.  While an earlier deal with DelPack Logistics for electric delivery trucks seemed like a turning point, Mullen has been unable to capitalize on any positive momentum. Mullen’s recent announcement of a stalking horse bid on Electric Last Mile Solutions (OTC:ELMSQ) was not met with positivity from investors. 

One of Mullen’s electric truck rivals is Amazon (AMZN) and Ford (F) backed automaker Rivian (RIVN). After the closing bell on Monday, Rivian’s stock was up by about 6% after deliveries met expectations for the quarter. This contrasts with Tesla (TSLA), which fell by 8.6% after deliveries for the quarter missed analyst estimates by nearly 22,000 vehicles. 

MULN stock performance 10/3/22