Why Is Mullen (MULN) Stock Down 8% Today?

  • Mullen (MULN) stock is slipping on Friday without much in the way of news.
  • Instead, shares are dropping after the stock’s recent rallies.
  • A couple pieces of news sent shares higher earlier this week.
A close-up shot of the gold Mullen (MULN Stock) FIVE.

Source: Sam the Leigh / Shutterstock.com

Mullen (NASDAQ:MULN) stock is losing power on Friday as shares of the electric vehicle (EV) company slide lower.

There’s no specific news behind the fall of MULN stock today. Instead, the company is coming off of a rally for the last couple of days which had shares climbing higher. There were a couple of pieces of news behind those earlier gains.

The first bit investors will remember is Mullen’s deal for I-GO vehicles. These are electric delivery vehicles Mullen will now be selling in Europe. Sales for the I-GO will start in December in Germany. Mullen also has the option to expand to other countries with its license.

The second news item that sent MULN stock higher this week was the company’s expanded promotional tour. Specifically, Mullen revealed more dates for its promo tour showing off the upcoming Mullen FIVE. The FIVE is Mullen’s first EV and is set for delivery in 2024.

Why This Helped MULN Stock

Mullen has been through a bit of a rough time with investors lately. Not only has the company dealt with cash issues, but supply-chain constraints have also pushed back the launch of the Mullen FIVE. For perspective, the company first showed off the EV back in 2021. It has yet to deliver a single unit.

Investors will note that MULN stock is still seeing decent trading volume today as it falls. This has some 110 million shares on the move as of this writing. That figure is quickly closing in on the daily average trading volume of about 117 million shares.

MULN stock is down 8.1% as of Friday afternoon.

Investors looking for more recent stock market news are in luck!

We’ve got all of that news ready to go in one place for traders! This includes what has shares of Bed Bath & Beyond (NASDAQ:BBBY), GameStop (NYSE:GME) and Selina Hospitality (NASDAQ:SLNA)  stock on the move today. You can catch up on all of that at the following links!

More Stock Market News for Friday

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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.

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