Mullen Automotive (NASDAQ:MULN) Shares Down 10.5%

Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped 10.5% during mid-day trading on Monday . The stock traded as low as $0.75 and last traded at $0.79. Approximately 2,087,100 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 2,949,759 shares. The stock had previously closed at $0.88.

Mullen Automotive Price Performance

The company has a 50 day simple moving average of $2.42 and a 200-day simple moving average of $4.56.

Mullen Automotive (NASDAQ:MULN) last issued its earnings results on Tuesday, May 14th. The company reported ($19.39) earnings per share (EPS) for the quarter. The business had revenue of $0.02 million during the quarter.

Insider Activity at Mullen Automotive

In other Mullen Automotive news, insider Calin Popa sold 23,223 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $3.10, for a total value of $71,991.30. Following the transaction, the insider now directly owns 286,506 shares in the company, valued at approximately $888,168.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC acquired a new position in Mullen Automotive, Inc. (NASDAQ:MULN) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 41,065 shares of the company’s stock, valued at approximately $214,000. Virtu Financial LLC owned approximately 0.63% of Mullen Automotive at the end of the most recent quarter. 11.71% of the stock is owned by institutional investors.

About Mullen Automotive

Mullen Automotive, Inc, an electric vehicle company, manufactures, sells, and distributes electric vehicles. Its products include passenger electric vehicles and commercial vehicles; and provides solid-state polymer battery technology. The company is headquartered in Brea, California.