A History of Outperforming Analyst Forecasts and Beating the Odds: Mullen Automotive Inc. (MULN)

Mullen Automotive Inc. (NASDAQ: MULN) stock jumped 2.27% on Monday to $0.30 against a previous-day closing price of $0.29. With 183.16 million shares changed hands, the volume of the stock remained lighter than its average volume of 227.04 million shares. During the session, the Auto Manufacturers company that operates in wider Consumer Cyclical sector, reached to the highest price of $0.3175 whereas the lowest price it dropped to was $0.2960. The 52-week range on MULN shows that it touched its highest point at $4.18 and its lowest point at $0.18 during that stretch. Beta for the stock currently stands at 2.43.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of MULN was down-trending over the past week, with a drop of -15.61%, but this was up by 33.38% over a month. Three-month performance dropped to -13.92% while six-month performance fell -70.42%. The stock lost -91.82% in the past year, while it has gained 5.49% so far this year.

Float and Shares Shorts:

At present, 1.70 billion MULN shares are outstanding with a float of 1.44 billion shares on hand for trading. On Oct 13, 2022, short shares totaled 60.25 million, which was 10.52% higher than short shares on Sep 14, 2022. In addition to Mr. David Michery as the firm’s Founder, Chairman, Pres & CEO, Mr. Calin Popa serves as its Pres?of?Ottava Automotive, Inc.

Institutional Ownership:

Through their ownership of 6.65% of MULN’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 6.86% of MULN, in contrast to 3.86% held by mutual funds. Shares owned by individuals account for 2.27%. As the largest shareholder in MULN with 1.48% of the stake, BlackRock Fund Advisors holds 24,569,682 shares worth 24,569,682. A second-largest stockholder of MULN, The Vanguard Group, Inc., holds 22,019,682 shares, controlling over 1.33% of the firm’s shares. Esousa Holdings LLC is the third largest shareholder in MULN, holding 18,000,000 shares or 1.09% stake. With a 2.18% stake in MULN, the Vanguard Total Stock Market Index is the largest stakeholder. A total of 36,210,051 shares are owned by the mutual fund manager. The iShares Russell 2000 ETF, which owns about 0.45% of MULN stock, is the second-largest Mutual Fund holder. It holds 7,446,515 shares valued at 2.13 million. Vanguard Extended Market Index Fu holds 0.34% of the stake in MULN, owning 5,555,957 shares worth 1.59 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for MULN since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With MULN analysts setting a high price target of $23.00 and a low target of $23.00, the average target price over the next 12 months is $23.00. Based on these targets, MULN could surge 7566.67% to reach the target high and rise by 7566.67% to reach the target low. Reaching the average price target will result in a growth of 7566.67% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. MULN will report FY 2021 earnings on 02/12/2024. Analysts have provided yearly estimates in a range of $0.19 being high and $0.19 being low. For MULN, this leads to a yearly average estimate of $0.19. Based on analyst estimates, the high estimate for the next quarter is $0.13 and the low estimate is $0.13. The average estimate for the next quarter is thus $0.13.

Summary of Insider Activity:

Insiders traded MULN stock several times over the past three months with 4 Buys and 4 Sells. In these transactions, 53,563,428 shares were bought while 17,761,501 shares were sold. The number of buy transactions has increased to 26 while that of sell transactions has risen to 24 over the past year. The total number of shares bought during that period was 111,312,820 while 39,280,185 shares were sold.

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