It has been a fairly harrowing time for investors in the Mullen Automotive Inc (NASDAQ:MULN) stock over the course of the past few days and the carnage continued yesterday as the stock tanked by another 20%. The selloff took the total decline in the stock over the course of the past week to as much as 50%.
Trading Data
On Monday, MULN stock slumped 20.15% to $1.07 with more than 6.76 million shares, compared to its average volume of 983k shares. The stock moved within a range of $1.0500 – 1.3600 after opening trade at $1.33.
Successful Consumer EV Market Study Reveals Mullen FIVE Scores High Against Tesla Model Y and Ford Mach-E
The company, which is one of the emerging players in the electric vehicle sector, was in the news yesterday after it released a thorough study with regards to one of its products. The report dwelt on the benchmark comparison of the company’s Mullen FIVE with the Tesla Model Y and the Ford Mach-E, two of the leading electric vehicles in the industry.
It was back in the 2021 that Mullen had hired the services of the consultancy firm GO GROW LLC to conduct the study. As per the findings from the study, the Mullen electric vehicle managed to display highly favourable metrics in a range of tests. While it is true that the findings from the study may be positive, it did not lead to any boost for the Mullen Automotive stock on Monday.
Key Quote
“The Mullen FIVE is a fantastic EV and it felt great when we received an overwhelmingly positive response to the FIVE at the 2021 LA Auto Show World Debut,“ said David Michery, CEO and chairman of Mullen Automotive. “But it’s absolutely incredible to see this further corroborated scientifically through this extensive market study conducted by GO. The findings from this study will play a key role in our application with the U.S. Department of Energy’s AVTM program.”
Technical Data
MULN stock is above below 20-Day and 50-Day Moving averages of $2.73 and $4.41 respectively. Moreover, the stock is trading below the 200-Day moving average of $8.79.
