- Shares of Mullen Automotive rose 19% on Thursday.
- The company presented its commercial vehicles at a major fleet conference.
- On Tuesday, Mullen partnered with Amerit Fleet Solutions for commercial maintenance.
- MULN shares fell slightly in the premarket on Friday.
Mullen Automotive (MULN) the stock is holding on to most of its Thursday gains in early Friday trading. MULN shares were down less than 1% in premarket trading after Thursday’s impressive 19% gain.
MULN traded as high as $0.9531 on Thursday after the company appeared in a reportedly successful demonstration at the Government Fleet Expo & Conference. NASDAQ 100 futures were up 0.3% early Friday.
MULN stock news: Commercial vehicles remain the focus of interest
Held at the Kay Bailey Hutchison Convention Center in Dallas, Texas, the Government Fleet Expo is the nation’s largest conference for large fleet operators.
Mullen representatives spent the four-day event showcasing the Mullen ONE, its Class 1 electric cargo van, and the Mullen THREE, its Class 3 cab electric cargo van.
“Our goal at these events is to give fleet managers across the U.S. the opportunity to try and test our commercial vehicles firsthand to see the incredible value we offer,” said CEO David Michery.
Mullen will next present at the Electric Utility Fleet Managers Conference in Virginia in early June.
On Tuesday, Mullen announced that it has partnered with Amerit Fleet Solutions to handle all mechanical service and warranty work nationwide for its commercial vehicles. It will begin commercial production of the Mullen THREE truck chassis in August of this year. To date, Mullen has received $279 million worth of purchase orders from Randy Marion Automotive Group, a nationwide dealership.
Mullen Stock Forecast
Despite Thursday’s 19% gain, MULN shares have been in a downtrend since at least February 17th. That’s when the 9-day moving average broke below the 21-day moving average – a short-term bearish signal. Now more than three months since then, it appeared that the decline was not short-lived.
At this point, MULN needs to break back above the 9-day at $1.06 and then the 21-day at $1.36. But that seems like a big order for inventory that’s dwindling as the company needs a lot of cash to push its vehicle designs into production.
Daily chart of MULN
