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Mullen Automotive Inc. (MULN): Why Is The Stock Strong?

Mullen Automotive Inc. (NASDAQ:MULN) has a beta value of 2.43 and has seen 183.16 million shares traded in the last trading session. The company, currently valued at $473.82M, closed the last trade at $0.30 per share which meant it gained $0.01 on the day or 2.27% during that session. The MULN stock price is -1293.33% off its 52-week high price of $4.18 and 40.0% above the 52-week low of $0.18. If we look at the company’s 10-day average daily trading volume, we find that it stood at 209.73 million shares traded. The 3-month trading volume is 227.04 million shares.

Mullen Automotive Inc. (NASDAQ:MULN) trade information

Sporting 2.27% in the green in last session, the stock has traded in the red over the last five days, with the highest price hit on Monday, 01/23/23 when the MULN stock price touched $0.30 or saw a rise of 13.29%. Year-to-date, Mullen Automotive Inc. shares have moved 5.49%, while the 5-day performance has seen it change -15.61%. Over the past 30 days, the shares of Mullen Automotive Inc. (NASDAQ:MULN) have changed 33.38%. Short interest in the company has seen 60.25 million shares shorted with days to cover at 0.75.

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Wall Street analysts have a consensus price target for the stock at $23.00, which means that the shares’ value could jump 98.7% from current levels. The projected low price target is $23.00 while the price target rests at a high of $23.00. In that case, then, we find that the current price level is -7566.67% off the targeted high while a plunge would see the stock gain -7566.67% from current levels.

Mullen Automotive Inc. (MULN) estimates and forecasts

The company’s shares have lost -70.42% over the past 6 months. Revenue growth from the last financial year stood is estimated to be 100.00%.

1 analysts offering their estimates for the company have set an average revenue estimate of $37.3 million for the current quarter. 1 have an estimated revenue figure of $37.1 million for the next quarter concluding in Dec 2021. Year-ago sales stood $14.8 million and $19.41 million respectively for this quarter and the next, and analysts expect sales will grow by 152.00% for the current quarter and 91.10% for the next.

MULN Dividends

Mullen Automotive Inc. is expected to release its next earnings report between February 13 and February 17 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.

Mullen Automotive Inc. (NASDAQ:MULN)’s Major holders

Insiders own 13.11% of the company shares, while shares held by institutions stand at 4.97% with a share float percentage of 5.72%. Investors are also buoyed by the number of investors in a company, with Mullen Automotive Inc. having a total of 124 institutions that hold shares in the company. The top two institutional holders are Blackrock Inc. with over 26.29 million shares worth more than $7.93 million. As of Sep 29, 2022, Blackrock Inc. held 1.55% of shares outstanding.

The other major institutional holder is Vanguard Group, Inc. (The), with the holding of over 22.6 million shares as of Sep 29, 2022. The firm’s total holdings are worth over $6.82 million and represent 1.33% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are Vanguard Total Stock Market Index Fund and iShares Russell 2000 ETF. As of Sep 29, 2022, the former fund manager holds about 0.85% shares in the company for having 14.47 million shares of worth $4.37 million while later fund manager owns 7.6 million shares of worth $2.29 million as of Dec 30, 2022, which makes it owner of about 0.45% of company’s outstanding stock.

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