Mullen Automotive (NASDAQ:MULN) Stock Price Down 19% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price was down 19% during trading on Tuesday . The stock traded as low as $0.46 and last traded at $0.49. Approximately 3,547,853 shares traded hands during mid-day trading, an increase of 458% from the average daily volume of 635,623 shares. The stock had previously closed at $0.60.

Mullen Automotive Price Performance

The company’s 50 day simple moving average is $12.89 and its 200 day simple moving average is $174.31.

Mullen Automotive (NASDAQ:MULN) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($661.33) EPS for the quarter. The business had revenue of $2.92 million during the quarter. Mullen Automotive had a negative return on equity of 2,736.27% and a negative net margin of 12,717.94%.

Insider Buying and Selling

In related news, Director John Kevin Andersen sold 174,500 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total value of $158,795.00. Following the completion of the sale, the director now directly owns 9 shares of the company’s stock, valued at $8.19. The trade was a 99.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mary Winter sold 62,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $2.01, for a total transaction of $124,620.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 241,216 shares of company stock worth $302,766. Corporate insiders own 3.63% of the company’s stock.

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 disclosure with the Securities & Exchange Commission. The institutional investor bought 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned about 0.34% of Mullen Automotive as of its most recent filing with the Securities & Exchange Commission. 11.71% of the stock is 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.