Mullen Automotive (NASDAQ:MULN) Shares Down 12.2% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price traded down 12.2% during trading on Monday . The company traded as low as $0.19 and last traded at $0.20. 17,471,913 shares changed hands during trading, an increase of 13% from the average session volume of 15,509,315 shares. The stock had previously closed at $0.22.

Mullen Automotive Stock Performance

The company has a 50 day moving average of $0.76 and a 200-day moving average of $10.17.

Shares of Mullen Automotive are going to reverse split on Tuesday, February 18th. The 1-60 reverse split was announced on Thursday, February 13th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, February 17th.

Institutional Investors Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC bought a new stake in Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 0.34% of Mullen Automotive as of its most recent SEC filing. 11.71% of the stock is currently owned by hedge funds and other 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.