What's Going On With Mullen Automotive's Stock?

Mullen Automotive, Inc. MULN shares are moving Monday. The company announced its subsidiary, Bollinger Motors, has reached an agreement to sell 70 all-electric Class 4 Bollinger B4 commercial EV trucks.

The Details:

The vehicle order from Doering Fleet Management is valued at approximately $11.5 million with first the vehicle deliveries expected in late 2024. The Bollinger B4 will be the first Class 4 medium duty, all-electric truck offered by Doering.

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“Our agreement with Doering Fleet Management is another important step forward for Bollinger Motors,” said Jim Connelly, chief revenue officer of Bollinger Motors. “Doering is one of the top names in the fleet management world and we are honored to have the Bollinger B4 become an environmentally friendly fleet option for their customers across the country.”

Mullen shares spiked following the opening bell, but quickly gave back the gains. The stock appears to be recovering, but remains slightly lower on the session. 

According to data from Benzinga Pro, Mullen shares are trading well-below the stock’s 50-day moving average of $3.72 and 10.44% 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.

Buying shares is typically done through a brokerage account. 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 $2.05 as of publishing time, $100 would buy you 48.78 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. The process of shorting a stock can be found at this resource. 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 2.16% at $2.03 at the time of publication Monday.

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Image: Courtesy of Mullen Automotive, Inc.