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Mullen Automotive (NASDAQ:MULN) continues to be rising at the moment because it recovers from this week’s reverse inventory break up. Whereas it has been extremely risky since, dropping virtually 30% over the previous 5 days, MULN inventory continues to be buying and selling at over $1. Nonetheless, it might be about to see one other superficial catalyst. Knowledge from the market evaluation platform Fintel signifies that there are at the moment no shares obtainable to brief.
Nonetheless, you will need to notice that Fintel’s dataset is proscribed to only these shares obtainable at “a number one prime brokerage” and isn’t all-inclusive. There could also be shares in darkish swimming pools and different brokerages which can be unaccounted for in Fintel’s dataset.
With that in thoughts, Mullen may nonetheless be one of many subsequent shares to endure a brief squeeze.
What’s Taking place With MULN Inventory
At the same time as brief curiosity in MULN inventory seems to be heating up; the inventory isn’t precisely trending on widespread investing boards. In line with ApeWisdom, it has obtained one point out on r/WallStreetBets up to now twenty-four hours, with the variety of mentioning customers declining steadily. Fintel’s present brief squeeze rating for MULN isn’t terribly excessive both, at 60.81 (out of 100). Nonetheless, the potential for a Mullen brief squeeze nonetheless warrants a better look.
After a extremely risky day, MULN inventory seems prepared to shut out the buying and selling week within the inexperienced. That mentioned, it isn’t by a lot. As of this writing, it’s up lower than 2% for the day and isn’t displaying indicators of a late rally. This slight development might have been spurred by the information that Mullen’s electrical autos (EVs) will qualify for this 12 months’s federal tax credit score. Nonetheless, it seems more and more like Mullen might be a possible brief squeeze.
Fintel exhibits that since this morning, there have been zero shares of MULN inventory obtainable to brief. One hour earlier than, there had been roughly 9,00 shares obtainable. The corporate boasts a brief curiosity float share of slightly below 10% and 0.48 days to cowl for shorts. As InvestorPlace contributor Larry Ramer experiences, widespread meme inventory GameStop (NYSE:GME) additionally at the moment has no shares obtainable to brief.
If this pattern continues, each corporations might be headed for brief squeezes within the close to future.
On the date of publication, Samuel O’Brient didn’t maintain (both straight or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Tips.
