Mullen Automotive (NASDAQ:MULN) Trading Down 13.7% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price fell 13.7% on Wednesday . The company traded as low as $0.22 and last traded at $0.21. 27,349,180 shares traded hands during mid-day trading, an increase of 922% from the average session volume of 2,677,146 shares. The stock had previously closed at $0.24.

Mullen Automotive Trading Down 14.5 %

The company’s 50-day moving average is $10.42 and its two-hundred day moving average is $131.20.

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

Insiders Place Their Bets

In other Mullen Automotive news, Director Mary Winter sold 62,000 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $2.01, for a total transaction of $124,620.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Kevin Andersen sold 174,500 shares of Mullen Automotive stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $0.91, for a total transaction of $158,795.00. Following the completion of the transaction, the director now owns 9 shares of the company’s stock, valued at $8.19. The trade was a 99.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 241,216 shares of company stock valued at $302,766 over the last ninety days. 3.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC acquired a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to its most recent filing with the SEC. The fund acquired 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 filing with the SEC. Hedge funds and other institutional investors own 11.71% of the company’s stock.

Mullen Automotive Company Profile

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.