Mullen Automotive Inc. (NASDAQ: MULN) stock jumped 19.30% on Friday to $0.68 against a previous-day closing price of $0.57. With 171.11 million shares changed hands, the volume of the stock remained heavier than its average volume of 61.18 million shares. During the session, the Auto Manufacturers company that operates in wider Consumer Cyclical sector, reached to the highest price of $0.7193 whereas the lowest price it dropped to was $0.6100. The 52-week range on MULN shows that it touched its highest point at $137.25 and its lowest point at $0.39 during that stretch. Beta for the stock currently stands at 2.28.
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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 up-trending over the past week, with a rise of 62.18%, but this was down by -30.61% over a month. Three-month performance dropped to -71.12% while six-month performance fell -97.97%. The stock lost -99.43% in the past year, while it has lost -98.94% so far this year.
Float and Shares Shorts:
At present, 184.17 million MULN shares are outstanding with a float of 168.72 million shares on hand for trading. On Aug 30, 2023, short shares totaled 27.14 million, which was 14.74% higher than short shares on Jul 30, 2023. In addition to Mr. David Michery as the firm’s Founder, Chairman, Pres & CEO, Mr. Jonathan New serves as its Chief Financial Officer.
Institutional Ownership:
Other institutions hold 0.57% of MULN, in contrast to 0.38% held by mutual funds. Shares owned by individuals account for –. As the largest shareholder in MULN with 0.19% of the stake, The Vanguard Group, Inc. holds 345,901 shares worth 345,901. A second-largest stockholder of MULN, Two Sigma Investments LP, holds 256,944 shares, controlling over 0.14% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in MULN, holding 177,947 shares or 0.10% stake. With a 0.13% stake in MULN, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 237,224 shares are owned by the mutual fund manager. The Vanguard Extended Market Index Fu, which owns about 0.09% of MULN stock, is the second-largest Mutual Fund holder. It holds 169,893 shares valued at 89534.0. Fidelity Extended Market Index Fu holds 0.05% of the stake in MULN, owning 89,636 shares worth 47238.0.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, MULN reported revenue of $0.00 and operating income of -$18.05M. The EBITDA in the recently reported quarter was -$53.14M and diluted EPS was -$1.53.
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 $5,175.00 and a low target of $5,175.00, the average target price over the next 12 months is $5,175.00. Based on these targets, MULN could surge 760929.41% to reach the target high and rise by 760929.41% to reach the target low. Reaching the average price target will result in a growth of 760929.41% 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.
Summary of Insider Activity:
Insiders traded MULN stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 14 while that of sell transactions has risen to 11 over the past year. The total number of shares bought during that period was 166,514,285 while 59,018,744 shares were sold.
