Mullen Automotive pulls back despite broader market rally
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- NASDAQ:MULN fell by 3.54% during Thursday’s trading session.
- Mullen sees another day of lower trading volume.
- EV stocks rise as the sector continues to rebound from the NASDAQ correction.
NASDAQ:MULN might be seeing the end of its recent hot streak, as the stock fell for the second straight day on Thursday. Shares of MULN fell by 3.54% and closed the trading session at a price of $3.00. The broader markets continued their ascent on Thursday as all three indices closed higher following a pullback during Wednesday’s session. With stock futures for Friday’s session little changed, the markets look to be on pace for the second straight positive week. On Thursday, the Dow Jones added 349 basis points, the S&P 500 added 1.43%, while the NASDAQ continued its strong performance with a 1.93% jump.
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There are some other signs that Mullen’s recent hot streak could be coming to an end as well. The ticker symbol has not been trending on social media as much lately, and the trading volume has steadily fallen over the past few days. On Thursday, Mullen’s stock saw a daily trading volume of 121 million shares, which is still high, but below the 250 million it saw earlier in the week.
MULN stock forecast
It should come as no surprise that despite Mullen’s dip on Thursday, the rest of the EV sector kept on surging. Shares of industry leader Tesla (NASDAQ:TSLA) climbed higher for the eighth straight session, and Chinese EV makers XPeng (NYSE:XPEV) and Nio (NYSE:NIO) both rose ahead of Nio’s earnings call after the close. Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN) gained 1.35% and 6.08% respectively, while Nikola (NASDAQ:NKLA) had a big day as the company announced it had started production on an electric truck model.
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