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Mullen Automotive Inc (NASDAQ: MULN): Still A Hot Buy?

Mullen Automotive Inc (NASDAQ:MULN) price closed lower on Monday, November 20, dropping -2.03% below its previous close.

A look at the daily price movement shows that the last close reads $0.19, with intraday deals fluctuated between $0.1764 and $0.192. The company’s 5Y monthly beta was ticking 1.37. Taking into account the 52-week price action we note that the stock hit a 52-week high of $107.44 and 52-week low of $0.17. The stock subtracted -23.27% on its value in the past month.

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Mullen Automotive Inc, which has a market valuation of $77.66 million, is expected to release its quarterly earnings report Jan 11, 2024 – Jan 15, 2024.

On average, analysts have forecast the company’s revenue for the quarter will hit $37.3 million, with the likely lows of $37.3 million and highs of $37.3 million. The average estimate suggests sales growth for the quarter will likely rise by 152.00% when compared to those recorded in the same quarter in the last financial year. Staying with the analyst view, there is a consensus estimate of $131.4 million for the company’s annual revenue in 2021. Per this projection, the revenue is forecast to grow 100.00% above that which the company brought in 2021.

Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews. On the technical perspective front, indicators give MULN a short term outlook of 100% Sell on average. Looking at the stock’s medium term indicators we note that it is averaging as a 100% Sell, while an average of long term indicators are currently assigning the stock as 100% Sell.

The overview shows that MULN’s price is at present -23.81% off the SMA20 and -50.43% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 33.25, with weekly volatility standing at 9.51%. The indicator jumps to 16.69% when calculated based on the past 30 days. Mullen Automotive Inc (NASDAQ:MULN)’s beta value is holding at 2.18, while the average true range (ATR) indicator is currently reading 0.04. Considering analysts have assigned the stock a price target range of $5175.00-$5175.00 as the low and high respectively, we find the trailing 12-month average consensus price target to be $5175.00. Based on this estimate, we see that current price is roughly -2723584.21% off the estimated low and -2723584.21% off the forecast high. Investors will no doubt be excited to see the share price fall to $5175.00, which is the median consensus price, and at that level MULN would be -2723584.21% from current price.

Turning out attention to how the Mullen Automotive Inc stock has performed in comparison to its peers in the industry, here’s what we find: MULN’s stock is -2.03% on the day and -99.69% in the past 12 months, while ReposiTrak (TRAK) traded -0.21%% in the last session and was positioned 82.81% up on its price 12 months ago. Elsewhere in the market, the S&P 500 Index has rallied 0.74% in last trading session, with the Dow Jones Industrial also saw a positive session on the day with 0.58%.

An analysis of the Mullen Automotive Inc (NASDAQ:MULN) stock in terms of its daily trading volume indicates that the 3-month average is 61.96 million. However, this figure increases on the past 10-day timeline to an average of 54.41 million.

Current records show that the company has 413.10M in outstanding shares. The insiders’ percentage holdings are 17.98% of outstanding shares while the percentage share held by institutions stands at 16.70%. The stats also highlight that short interest as of Oct 30, 2023, stood at 49.17 million shares, which puts the short ratio at the time at 1.31. From this we can glean that short interest is 15.81% of company’s current outstanding shares. Notably, we see that shares short in October rose slightly given the previous month’s figure stood at 36.28 million. But the -99.71% downside, the stock’s price has registered year-to-date as of last trading, will likely reignite investor interest given the prospect of it rallying even higher.