Mullen Automotive stock surges again, has now more than doubled since snapping record losing streak

Shares of Mullen Automotive Inc.
charged 16.1% higher in very active morning trading Tuesday. The electric vehicle maker’s stock has already traded in a range of up 6.6% at the intraday low of $1.13, to up 35.8% at the high of $1.44, as trading volume bulged to 85.7 million shares. On Monday, the stock rocketed 34.9% on volume of 257.9 million shares. The company has not immediately responded to a request to confirm that it has not issued a press release, as per its website, or filed anything with the Securities and Exchange Commission. Last month, while the stock was suffering through a record-long losing streak in which it plummeted 82.9% over 14 days to close Feb. 22 at a split-adjusted record low of 61 cents, that it was “unware of any business reason” for the decline in the stock. Based the latest exchange data, short interest as a percent of the stock’s public float was 4.98%, which compares with other EV makers Tesla Inc.
at 2.90%, Nio Inc.
at 5.37% and Rivian Automotive Inc.
at 7.44%. Mullen’s stock has now run up 103.3% since that record low close. The stock has still plunged 82.7% over the past three months, while the S&P 500
has lost 11.2%.


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