Mullen Automotive (NASDAQ:MULN) stock has been a favorite among retail traders ever since it shot to market prominence last year. In fact, Mullen’s status as a meme stock has kept shares relevant. That’s true even as MULN consistently fails to demonstrate sustainable growth.
Following the company’s recent reverse stock split, though, some members of the retail investing community may be taking further interest in MULN stock. More specifically, one YouTube investing influencer with a presence on r/WallStreetBets recently called attention to Mullen’s popularity, referencing a “MULN army.”
If such an army exists, it hasn’t been able to help the stock rise today. Shares closed down by 8% despite an attempt to rally this afternoon. Let’s take a closer look at what a stronger meme status could mean for this troubled name.
An Army for MULN Stock?
The influencer in question goes by the name Obi and operates a YouTube channel called MAKING EASY MONEY. According to MarketWatch, Obi also operates in Reddit’s r/WallStreetBets subreddit under the username Major-Access2321. He recently talked to the outlet about MULN stock:
“When it comes to [the] meme stock world on Reddit, Twitter and now even Facebook, groups are popping up calling themselves the ‘MULN army’.”
The concept of a “MULN army” calls to mind the throng of retail investors who pushed up AMC Entertainment (NYSE:AMC) back in 2021, trying to create the next Gamestop (NYSE:GME). While they never saw the gains they had hoped for, AMC still has a motivated meme stock investor base. Unfortunately, though, this hasn’t helped prices much. AMC is still highly questionable with far too many red flags.
Even if Mullen’s popularity is also rising, an investor army won’t likely do much for MULN stock either. Shares are already falling after the company’s reverse split. MULN may be back to trading under $1 in the near future.
It’s also worth noting that, contrary to Obi’s claims, Mullen does not seem to be getting too much attention on certain forums. Data from ApeWisdom indicates that, over the last 24 hours, MULN has been mentioned twice on r/WallStreetBets. That doesn’t sound quite like an army.
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On the date of publication, Samuel O’Brient 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.
