- Mullen Automotive (MULN) stock is on the rise today.
- This comes on news that it will be added to the Russell 2000 and Russell 3000 indexes later this month.
- Traders are reacting positively, with MULN up roughly 10%.
Fans of Mullen Automotive (NASDAQ:MULN) stock will want to keep an eye on shares when June 27 rolls around. A major catalyst is set to take place that day.
MULN stock will be added to the Russell 2000 and Russell 3000 indexes starting on June 27. Today, that news already has shares rising. Traders will likely see another boost when the change takes place, too.
Mullen Automoive Chairman and CEO David Michery said the following:
“I believe that our inclusion in the Russell Indexes will bring Mullen Automotive great visibility within the institutional investment community. This is an excellent milestone for our Company, which will provide increased liquidity and investor awareness.”
This addition to the Russell 2000 and Russell 3000 comes as the indexes update for 2022. They measure the 4,000 largest U.S. stocks. Companies added to the indexes remain on board for one year, until the list is updated again for the new year.
MULN stock is seeing more than 80 million shares on the move as of this writing. The stock is closing in on its daily average trading volume of around 130 million shares. Shares are up 10% as of Monday morning, but MULN is still down over 70% year-to-date (YTD).
There’s more hot stock market news for investors to jump into below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.