Tag: MULN Price Target

Will MULN Stock Finally Begin to Skyrocket?

Market News Daily: Will MULN Stock Go Up?
Market News Daily: Will MULN Stock Go Up?

Mullen Automotive (NASDAQ:MULN) stock reached an all-time low of $0.0888 this week and is beginning to bounce from the level; will MULN stock finally begin to go up again?

The stock surged to $0.12 after hours after having a +11.23% gain day on Wednesday.

For a moment, Mullen saw a combined gain of +40%.

Buyers are definitely stepping in, but we’re seeing rejection around the $0.12 level followed by consolidation.

One of two things may happen here.

Either we see further selloffs going into Thursday, causing the stock to plunge, or we see big buyers begin to step in again, breaking above the $0.12 level to retest $0.14 per share.

Pre-market hours will tell us a bit more about the trajectory of where MULN stock could be heading.

A push above $0.12 will demonstrate demand is rising — a result of perhaps some of the latest developments.

Mullen Class 1 EVs were spotted at an RMA Group location this week, a development shareholders have been waiting for confirmation on.

Investors are now waiting for either Randy Marion Automotive or Mullen’s CEO to follow up with an update on the latest 6,000 EV delivery valued at $200 million.

Investors, Tread Cautiously

While Mullen Automotive currently has positive developments in the works, with one of the most exciting one having received the distribution rights to the K50 Dragonfly, the company is still a big target for short sellers.

Because the markets are tailored preferably to better suit hedge funds and market makers, the biggest risk of investing in MULN stock is the possibility of the company getting delisted.

The company managed to avoid delisting with a 180-day extension from Nasdaq, but this doesn’t protect the company from getting shorted down to zero.

Still, optimistic shareholders remain convicted by the possibility of a MULN short squeeze after analysts gave Mullen Automotive a price target of $24.15 this year.

As of Feb. 28, 2023, Mullen has $87,400,009 of cash and cash equivalents, including restricted cash, and Mullen expects to receive an additional $110 million from firm commitments by June 1, 2023.

The Company believes the combination of cash on hand and expected firm cash commitments provides it with enough capital to execute on its business plan over the next 12 months.

“I believe we have all the pieces in place between our product, factories, and strategic expertise to execute on our plans to deliver our Class 1 and Class 3 vehicles this year,” said David Michery, CEO and chairman of Mullen Automotive.

“Furthermore, we continue to invest and move at a fast clip with the Mullen FIVE program, which will soon be approaching vehicle engineering freeze, allowing us to move into the next phase of the crossover program.”

The CEO has yet to touch topic on falling share prices other than the company will undergo a reverse stock split to stay compliant with Nasdaq’s rule.

Will MULN Stock Go Up?

As we’ve seen in the past with MULN stock and other retail favorites, big demand has proven to move share prices up regardless of the amount of stock being traded in off-exchanges or dark pools.

Investor confidence may rise if insiders begin to take large positions in the stock — something shareholders have shared on social media they’d like to see.

Although CEO David Michery has been criticized for failing to communicate with shareholders, it’s possible that projects coming to fruition, oppose to just being announcements, will also create the momentum the stock needs to bounce back from its current levels.

Time will certainly tell where MULN stock will be going from here.

Share your thoughts in the comment section below.

Market News Published Daily

Market News Today - Will MULN stock go up?
Market News Today – Will MULN stock go up?

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily posts.


Franknez.com

You can now read exclusive FrankNez articles for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.


What Are Analysts Saying About MULN Price Target Now?

MULN Stock Price Target 2023
Market News Daily: MULN stock price target update.

Earlier this year, analysts had given Mullen Automotive (NASDAQ:MULN) a price target in 2023 of $24.15, or up 7,000% from at the time its $0.32 share price.

MULN stock is currently down -40% this year-to-date, though the stock did surge more than +30% earlier in January.

At the time, 7 stock analysts rated MULN stock as a ‘buy’.

Experts gave MULN a price target low of $23.23 (+7,067%), average of $23.46 (+7,138%), and high of $24.15 (+7,351%).

Mullen Automotive has undergone several positive developments this year despite a big drop in their share price.

The company recently received an exclusive federal government contract for its new electric cargo vans.

It also partnered with Menzies Aviation this first quarter, supplying the aviation company with thousands of vehicles.

Mullen Automotive stock did manage to avoid getting delisted last week after being unable to meet Nasdaq’s $1 bid requirement on March 6th.

Investors have suspected the company has become a target to naked shorting, illegal predatorial shorting tactics that drive shares down without owning any real stock.

If Mullen stock fails to trade above $1 for a minimum of 10 consecutive business days prior to Sept. 5, 2023, the Company will implement a reverse stock split to cure the Deficiency prior to the expiration of the additional 180-day compliance period.

MULN Stock Price Target Update

So, what are analysts saying now regarding MULN stock’s price target for 2023?

Quite frankly, nothing.

Stockanalysis.com isn’t reporting a forecast anymore.

They removed all data from their website and stated, “there is currently no analyst price target forecast available for MULN”.

The analyst consensus is null and the 12-month forecast is no longer displaying on their website (see below).

But stockanalysis.com wasn’t the only site reporting Mullen Automotive stock’s price target.

They received their data from CNN Money/Business.

So, what is CNN Money analysts now saying about MULN’s price target for 2023?

According to their website, 1 analyst is prediction MULN Automotive to surge more than +13,000% to a high of $23 from its current share price of $0.17.

It’s no longer 7 analysts on the panel but rather 1 sticking to their convictions on MULN stock breaking into the low $20 levels.

CNN Business has also made their MULN stock forecast chart for the next 12 months unavailable, see below.

CNN is also reporting no analyst recommendations, where as before, they suggested Mullen Automotive stock was a strong buy.

Also Read: Big Short Sellers Own Majority of MULN Stock

What Will Become of MULN Stock?

Mullen Automotive CEO David Michery has had no communication with shareholders, something investors have demonstrated resentment towards.

Optimistic shareholders say the stock is a ‘hold’ as positive developments will eventually trump the company’s current adversity in the market.

Others are waiting to break even or a major runup to cash their investments out with profit.

Yet, there are still shareholders who believe in the success of the company long-term despite the risks.

I’m curious to know where you stand with Mullen Automotive stock.

Are you on board with the analyst MULN stock price target?

Feel free to add your thoughts and opinions in the comment section below.

Share this article and get heard.

Market News Published Daily

Market News Today - MULN stock price target update.
Market News Today – MULN stock price target update.

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily posts.


Franknez.com

You can now read exclusive FrankNez articles for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.

My New Book is Out Now! Use Code: THENEZ


© 2024 FrankNez

Theme by Anders NorenUp ↑