Mullen Automotive Stock Sinks Lower On Q3 Results: Details

Mullen Automotive, Inc. MULN shares are trading lower Monday after the company reported its third-quarter financial results. Here's a look at the details from the report. 

The Brea, California-based company reported third-quarter revenue of $65,235 and a net loss attributable to shareholders after preferred dividends of $289.9 million, or $37.92 net loss per share, for the nine months ended June 30, 2024. 

Mullen said it has invoiced for 377 vehicles valued at $16.8 million for the nine months ended June 30, 2024. The company deferred the revenue and accounts receivable recognition until invoices are paid and the return provision on the vehicles is nullified by the dealer’s sale of the vehicle to the end user.

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“We narrowed our loss in the quarter and year-to-date. We are positioning our fiscal Q4 for strong year-over-year growth. I am thankful to our team and our efforts in scaling our commercial EV business in the U.S. and internationally,” said Mullen CEO David Michery.

According to data from Benzinga Pro, Mullen shares are trading at new 52-week lows. Over 19.4% of shares are being sold short.

How To Buy MULN Stock: By now you're likely curious about how to participate in the market for Mullen Automotive — be it to purchase shares, or even attempt to bet against the company.

You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.

In the the case of Mullen Automotive, which is trading at $0.55 as of publishing time, $100 would buy you 181.82 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. Click here on how to short a stock. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading — either way it allows you to profit off of the share price decline.

MULN Price Action: According to Benzinga Pro, Mullen Automotive shares are down 11.8% at 52 cents at the time of publication Monday.

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Image: Courtesy of Mullen Automotive, Inc.