Mullen Automotive Inc. (NASDAQ:MULN) shares, rose in value on Thursday, 08/04/22, with the stock price down by -8.63% to the previous day’s close as strong demand from buyers drove the stock to $0.84.
Actively observing the price movement in the last trading, the stock closed the session at $0.92, falling within a range of $0.8111 and $0.9349. Referring to stock’s 52-week performance, its high was $15.90, and the low was $0.52. On the whole, MULN has fluctuated by -17.31% over the past month.
With the market capitalization of Mullen Automotive Inc. currently standing at about $441.38 million, investors are eagerly awaiting this quarter’s results, scheduled for Mar 29, 2022 – Apr 04, 2022.
Analysts have estimated the company’s revenue for the quarter at $37.3 million, with a low estimate of $37.3 million and a high estimate of $37.3 million. According to the average forecast, sales growth in current quarter could jump up 152.00%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2022, the company’s y-o-y revenues would reach $131.4 million, representing an increase of 100.00% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that MULN’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of MULN currently trading nearly -16.60% and -25.44% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 38.20, while the 7-day volatility ratio is showing 12.55% which for the 30-day chart, stands at 10.59%. Furthermore, Mullen Automotive Inc. (MULN)’s beta value is 2.62, and its average true range (ATR) is 0.11. The company’s stock has been forecasted to trade at an average price of $23.00 over the course of the next 52 weeks, with a low of $23.00 and a high of $23.00. Based on these price targets, the low is -2638.1% off current price, whereas the price has to move -2638.1% to reach the yearly target high. Additionally, analysts’ median price of $23.00 is likely to be welcomed by investors because it represents a decrease of -2638.1% from the current levels.
A comparison of Mullen Automotive Inc. (MULN) with its peers suggests the former has fared considerably weaker in the market. MULN showed an intraday change of -8.63% in last session, and over the past year, it shrunk by -92.46%%. In comparison, Park City Group Inc. (PCYG) has moved higher at 0.75% on the day and was down -1.84% over the past 12 months. Other than that, the overall performance of the S&P 500 during the last trading session shows that it lost -0.08%. Meanwhile, the Dow Jones Industrial Slipped by -0.26%.
Data on historical trading for Mullen Automotive Inc. (NASDAQ:MULN) indicates that the trading volumes over the past 10 days have averaged 55.61 million and over the past 3 months, they’ve averaged 62.71 million. According to company’s latest data on outstanding shares, there are 51.39 million shares outstanding.
Nearly 1.60% of Mullen Automotive Inc.’s shares belong to company insiders and institutional investors own 1.80% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 59.67 million shares as on Jul 14, 2022, resulting in a short ratio of 0.98. According to the data, the short interest in Mullen Automotive Inc. (MULN) stood at 12.50% of shares outstanding as of Jul 14, 2022; the number of short shares registered in Jun 14, 2022 reached 42.88 million. The stock has fallen by -83.87% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the MULN stock heading into the next quarter.