HomeMarket NewsMicro Cap StocksIs Mullen Automotive's Stock Rally on Shaky Ground after Recent Delivery Announcement?

Is Mullen Automotive’s Stock Rally on Shaky Ground after Recent Delivery Announcement?

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Mullen Automotive, Inc. MULN shares are feeling the squeeze today after a 30% surge yesterday. Let’s dive in:

What’s the Scoop:

Mullen Automotive made headlines with the announcement of new deliveries of the All-Electric Class 3, Mullen Three, low cab forward chassis truck to the Randy Marion Automotive Group in North Carolina.

Randy Marion Automotive earned its stripes as one of the biggest commercial fleet dealers in the U.S.

β€œWe are in full swing delivery of Class 3 vehicles to Randy Marion Automotive Group in North Carolina,” exclaimed David Michery, CEO of Mullen Automotive.

β€œIt’s thrilling to see a constant stream of vehicle transports picking up Class 3’s at our Tunica assembly plant and hitting the road for customer deliveries.”

As per the data from Benzinga Pro, shares of MULN are hovering above the stock’s 50-day moving average of 30 cents and 12.83% of shares are being sold short.

Related News: What’s the Verdict on Canopy Growth Stock?

MULN Price Movement: Per Benzinga Pro, Mullen Automotive shares are taking a 5% hit, currently standing at 20 cents at the time of publication.

Image: Pete Linforth from Pixabay

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