$MULN according to ORTEX, Mullen Automotive short interest has increased.
March 24th short interest was 8 million shares
April 1st short interest was 39.72 million shares
This increase in short interest has placed short-sellers in a very precarious situation as over 19% of the float is held short.
The margin interest to short sell this stock presently resides at a whopping 25.41%.
In my opinion it is not very wise for short sellers to step in front of a freight train that has extremely near-term catalyst in disclosing who the Fortune 500 company is that has placed an extremely large order for Mullen's EV vans.
During the Benzinga interview, the CEO was asked if the order with the unnamed Fortune 500 company had been confirmed or if it was some sort of pre-order. His response was "No, we are actually building for them". He further went on to state that they are going to be delivering pilot vehicles to them in Q2, which we are already in. He went on to state and I quote, "This is a major major Fortune 500 company, so I'll put it that way"
Technicals on the weekly chart indicate that the MACD has crossed from red to Green with a respectable RSI of 50. Take a step back from the intraday and daily charts and you will see the longer term potential that this stock possesses. If we were able to be trading north of $4 a share weeks ago WITHOUT this near term catalyst, I see no reason why we cannot at bare minimum attain and surpass our most recent high this week. Keep in mind that short interest has increased by a factor of 2.6 and it is my opinion that they are in way over their heads.
My prediction on a share price projection if and when this Fortune 500 company is announced,really all depends on who they are. But regardless, once the number of vans purchased is announced, if substantial, I can see the share price ripping to the $7 – $8 level and perhaps even higher if shorts are caught with their pants down
