Mullen Automotive’s stock bounces sharply on market-leading volume

Shares of Mullen Automotive Inc.
MULN,
+20.51%
charged up 16.5% on heavy volume in afternoon trading Thursday, a day after closing at a one-month low. Trading volume swelled to 713.2 million shares, which is enough to make the electric vehicle maker’s stock the most actively traded on major U.S. exchanges, and compares with the full-day average over the past 30 days of 381.3 million shares, according to FactSet. The EV maker hasn’t released any new since July 26, when it said Bollinger Motors, which is majority owned by Mullen, was approved for a $3 million grant as the state of Michigan looks to promote job growth. On Wednesday, the stock closed at 12.2 cents, which was the lowest close since it closed at a record low of 10.1 cents on July 3. The stock has plunged 91.1% over the past three months while the Global X Autonomous and Electric Vehicles ETF
DRIV,
-0.15%
has rallied 21.5% and the S&P 500
SPX,
-0.06%
has gained 10.2%.