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home / news releases / MULN - Why Is Mullen Automotive (MULN) Stock Down 10% Again Today?


MULN - Why Is Mullen Automotive (MULN) Stock Down 10% Again Today?

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Mullen Automotive (NASDAQ:MULN) stock is feeling the heat again today as a short report from Hindenburg Research continues to drag the shares down.

Source: Ringo Chiu / Shutterstock

Hindenburg Research released its report yesterday and gave MULN one heck of a walloping. The report called the company “the latest in a long line of EV hustles,” while claiming its two current offerings are just rebranded electric vehicles (EVs) from China.

The Hindenburg Research report goes further in-depth on why the firm believes MULN stock is a scam. That includes the poor state of its U.S. production facility, dubious battery testing claims, as well as Terren Peizer being its largest shareholder.

For the record, Peizer’s history as an investor should be enough to send up red flags. He has a habit of taking large stakes in stocks that see massive gains, only to crash and burn afterward. A few examples include Top Ships (NASDAQ:TOPS), MusclePharm (OTCMKTS:MSLP), and MedClean, which has been delisted.

Investors interested in MULN stock will definitely want to do their due diligence before taking a stake in the company. That includes reading through the Hindenburg Research report for themselves.

The continued slip in MULN stock today comes with light trading of its shares. That has around 48 million on the move as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 120 million shares.

MULN stock is down 12.6% as of Thursday afternoon and is down 60.1% since the start of the year.

There’s more stock market news for traders to check out below!

We’ve got all the hottest stock news investors will want to know about for Thursday! That includes everything that’s happening with shares of Nordic American Tankers (NYSE:NAT) stock, Rite Aid (NYSE:RAD) stock, and Momentus (NASDAQ:MNTS) stock today. You can find all of this news at the following links!

More Stock Market News for Thursday

On the date of publication, William White did not have (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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The post Why Is Mullen Automotive (MULN) Stock Down 10% Again Today? appeared first on InvestorPlace.

Stock Information

Company Name: Mullen Automotive Inc.
Stock Symbol: MULN
Market: NASDAQ
Website: mullenusa.com

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