Most long-term focused investors stay away from Mullen just because of fears in its balance sheet which contains $10.92 million debt and six times bigger assets including cash, equivalents, and short-term investments. Additionally, they are also concerned with its -59.47 million Q2 earnings.
Mullen is still lucrative to some institutions in the secondary market. They bought 4.3 million MULN shares in September although the company is not generating any revenue unlike its rivals like Li Auto, Nio, Rivian, and Lucid.
This is unlikely that MULN will long squeeze on monthly basis but a short one may happen if any surprising news pops up.