Why Is Mullen (MULN) Stock Down 8% Today?
Mullen (NASDAQ:MULN) stock is losing power on Friday as shares of the electric vehicle (EV) company slide lower.
There’s no specific news behind the fall of MULN stock today. Instead, the company is coming off of a rally for the last couple of days which had shares climbing higher. There were a couple of pieces of news behind those earlier gains.
The first bit investors will remember is Mullen’s deal for I-GO vehicles. These are electric delivery vehicles Mullen will now be selling in Europe. Sales for the I-GO will start in December in Germany. Mullen also has the option to expand to other countries with its license.
The second news item that sent MULN stock higher this week was the company’s expanded promotional tour. Specifically, Mullen revealed more dates for its promo tour showing off the upcoming Mullen FIVE. The FIVE is Mullen’s first EV and is set for delivery in 2024.
Why This Helped MULN Stock
Mullen has been through a bit of a rough time with investors lately. Not only has the company dealt with cash issues, but supply-chain constraints have also pushed back the launch of the Mullen FIVE. For perspective, the company first showed off the EV back in 2021. It has yet to deliver a single unit.
Investors will note that MULN stock is still seeing decent trading volume today as it falls. This has some 110 million shares on the move as of this writing. That figure is quickly closing in on the daily average trading volume of about 117 million shares.
MULN stock is down 8.1% as of Friday afternoon.
Investors looking for more recent stock market news are in luck!
We’ve got all of that news ready to go in one place for traders! This includes what has shares of Bed Bath & Beyond (NASDAQ:BBBY), GameStop (NYSE:GME) and Selina Hospitality (NASDAQ:SLNA) stock on the move today. You can catch up on all of that at the following links!
More Stock Market News for Friday
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.