Mullen Automotive (NASDAQ:MULN) is getting slugged on Friday, down more than 10% on the session. As if that weren’t bad enough, MULN stock is hitting 52-week lows today as well.
The stock market has done a pretty good job of pushing higher so far this year. While it is mainly being driven by just a handful of tech stocks, it has largely left electric vehicle (EV) stocks out of the picture.
Tesla (NASDAQ:TSLA) is the exception so far this year, with shares up more than 50% year-to-date (YTD). Conversely, MULN stock is working on its fourth-straight down month and yet another weekly decline. The stock is also down more than 80% so far this year.
Not that it matters much at this point, but shares have also declined in seven-straight quarters. Given that Mullen is down so far in the second quarter, it’s reasonable to think the stock will decline in eight-straight quarters as well.
Earlier this month, MULN stock underwent a reverse split. The company was forced to enact the 1-for-25 reverse stock split in order to satisfy the Nasdaq’s minimum price requirements. Now trading at around $1.25 today, the move is proving ineffective, which is often the case for reverse splits.
Are There Any Shares Left to Short MULN Stock?
As mentioned, it has not been a good run for EV stocks. That’s particularly true for the smaller firms. Canoo (NASDAQ:GOEV), Arrival (NASDAQ:ARVL), Nikola (NASDAQ:NKLA) and others have performed terribly in both 2022 and 2023.
Earlier this week, Mullen announced it had signed a lease agreement with MGT Lease Company. Reportedly, MGT agreed to buy 250 Mullen Class 3 EV trucks. However, this news is not doing much to help the stock.
Interestingly, Fintel shows that there are currently no shares available to short in MULN stock. However, investors should be aware that Fintel’s data is of shares “available to be shorted at a leading prime brokerage” and “not the total number of shares available to short.”
Still, it’s hard to be too surprised by this data, given that MULN stock has erased virtually all of its value since debuting. That’s when measuring from the highs and from the opening price when the company first went public. Despite the fall, however, Mullen still sports a market capitalization of nearly $200 million.
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On the date of publication, Bret Kenwell 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.
