Mullen Automotive cools off and snaps its five-day winning streak
- NASDAQ:MULN fell by 6.04% during Wednesday’s trading session.
- Mullen Automotive fell but other meme stocks rallied.
- Electric vehicle stocks pulled back amidst a red-hot streak.
NASDAQ:MULN saw its stock fall for the first time in six sessions as the suddenly hot EV startup fell alongside the broader markets. On Wednesday, shares of MULN fell by 6.04% and closed the trading session at $3.11. All three major indices dropped lower on Wednesday as rising oil prices and a surge in the ten-year treasury bond yield put an end to the market’s recent relief rally. The Dow Jones dropped 448 basis points for its worst performance so far this week, while the S&P 500 and NASDAQ fell by 1.23% and 1.32% respectively.
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Mullen Automotive has been behaving like a meme stock as of late with gains of 46% over the past week and 401% over the past month. The ticker symbol has also been trending on social media sites like Reddit. On Wednesday, Mullen took a back seat to some legacy meme stocks as AMC (NYSE:AMC) and GameStop (NYSE:GME) soared higher by 13.58% and 14.5% respectively. GameStop ripped higher after Chairman Ryan Cohen bought 100,000 more shares, sending meme stock traders into a frenzy.
MULN stock forecast
EV stocks ripped higher out of the gate this morning but most erased their losses and succumbed to a weakening market in the afternoon. Shares of industry leader Tesla (NASDAQ:TSLA) eked out a small gain of 0.52%, while Chinese EV makers Nio (NYSE:NIO) and XPeng (NYSE:XPEV) inched higher by 0.46% and 0.24% respectively. Other EV makers weren’t as lucky as Lucid (NASDAQ:LCID) dropped by 2.81% and Rivian (NASDAQ:RIVN) dipped by 2.26% during the session.