- Mullen Automotive shares appear to be the new focus for retail traders.
- The MULN stock is the number one stock on social media sites.
- MULN stock is highly volatile, showing wild swings this week alone.
Mullen Automotive (MULN) looks like a shiny new toy for retailers. We have to warn that it is extremely volatile and also point out that many retail traders from last year are out of the game due to the huge losses suffered from holding the stock too long or chasing the home run. However, we aim to help our readers achieve some form of consistency and preach a measured approach to investing and trading. MULN stock is very volatile and therefore requires careful risk management.
Now, for starters, what is Mullen Automotive? Nasdaq: MULN is a self-proclaimed California-based automotive company “working toward the unified goal of creating clean, scalable energy solutions and electric vehicles.” It’s yet another EV maker in a sea of new EV inventory. It was a hot sector for 2021 but not so much in 2022. There is a lot of competition in this sector. Rivian (RIVN) was perhaps the peak of interest in the space.
Mullen Automotive Stock News
It is a penny stock. A penny stock is generally described as one that trades below $5. Penny stocks are notorious for their volatility and that is certainly the case here. MULN stock rose 145% on Monday and fell nearly 40% on Tuesday. Why? Because on Monday, Mullen announced an update to its battery technology.
“We have conducted successful testing and will then begin development at the pack level,” said David Michel, CEO and President of Mullen Automotive. “The test data collected shows an impressive result and a future for solid-state batteries. To summarize, we tested our 300 Ah (ampere-hour) cell which gave 343 Ah at 4.3 volts, and the results exceeded all expectations.We can say with near certainty that this technology, when implemented on the Mullen FIVE, will deliver over 600 miles of range on a full charge.
If it works, it’s definitely a game-changer. Despite recent advances, range anxiety remains a major barrier to switching from gas-powered to fully electric cars. This technology is at a very early stage, perhaps evidenced by the fact that the stock gave up most of those gains on Tuesday. Market sentiment turned and profit taking hit MULN stock. No fresh news feeds were evident.
Mullen Automotive Inventory Forecast
We wouldn’t be crazy enough to predict something so volatile. Note, however, that the stock price has crashed in the past three to four months from $13 to below $1, so be cautious and trade cautiously. This is dynamic trading. The stock is already up 9% in today’s premarket.
MULN stock chart, daily
Like this article ? Help us out with some feedback by taking this survey: