MULN Stock Forecast: Mullen Automotive looks to reverse course as it approaches 52-week low price

By republicmonews Team

NASDAQ:MULN continues to trend lower as the EV startup fell alongside the broader markets last week. Shares of MULN traded mostly flat last week as shares fell by 0.46% and closed the trading week at a price of just $0.63.

Introduction

Stocks declined for the third consecutive week as all three major avengers posted losses. The fallout from Fed Chairman Powell’s speech at the Jackson Hole Symposium extended through to the Labour Day long weekend.

Overall, the Dow Jones lost a further 3.0%, the S&P 500 dropped by 3.3%, and the NASDAQ posted a 4.2% loss for the week.

Last month, the largest automaker on the planet doubled its market share in the United States. The company grew its domestic sales by 105% on a year over year basis after selling a total of 47,629 vehicles during the month of August.

Tesla was once again led by the Model 3 and the Model Y which are two of the best selling electric vehicles in the world.

The rise in sales gives Tesla a 4.1% market share in the United States compared to 2.1% in 2021. Shares of TSLA were down by nearly 4.5% last week.

Mullen’s stock continues to trend lower as it nears its 52-week low price of $0.52 per share.