MULN - Mullen stock is up 12% on Thursday: what happened?
2024-03-07 13:22:23 ET
Mullen Automotive Inc (NASDAQ: MULN) is up nearly 13% on Thursday after regaining compliance with requirements to remain listed on Nasdaq.
to remain listed on Nasdaq
The electric vehicles company now expects to be “removed from Nasdaq’s list of noncompliant companies” in the next three to four days.
Earlier this week, a manufacturer of commercial EVs that controls – Bollinger Motors added two new dealerships to its network. According to its CEO Robert Bollinger:
These two dealership groups represent some of the busiest trucking hubs in the country. We welcome these new locations as we work to electrify fleets across the country.
Wall Street currently has a consensus “sell” rating on Mullen stock that’s still down about 50% versus its year-to-date high in early January.
Is Mullen stock worth buying today?
Note that Mullen Automotive significantly narrowed its loss in the fourth quarter of 2023 to $61.4 million from $376.9 million a year ago.
The Nasdaq compliance news arrives just days after announced to have started “Class 1 EV cargo van road testing with integrated solid-state polymer battery pack.”
Also on Wednesday, Gartner – a market research firm based out of Stamford, Connecticut said electric vehicles, on average, will cost less to produce than a gas-powered vehicle by 2027.
Still, our market analyst Crispus Nyaga continues to see Mullen shares as a value strap ( find out more ). The EV company had $81.5 million in cash and equivalents at the end of 2023.
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