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.
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