Mullen Automotive (NASDAQ:MULN) Stock Price Down 11.7% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price was down 11.7% during trading on Thursday . The company traded as low as $0.17 and last traded at $0.18. Approximately 34,471,059 shares changed hands during trading, an increase of 1,034% from the average daily volume of 3,040,244 shares. The stock had previously closed at $0.20.

Mullen Automotive Stock Down 17.8 %

The company’s 50 day moving average price is $9.88 and its 200 day moving average price is $130.28.

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

Insider Activity at Mullen Automotive

In other news, Director John Kevin Andersen sold 174,500 shares of the stock in a transaction dated 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 transaction, the director now owns 9 shares in the company, valued at $8.19. This trade represents a 99.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mary Winter sold 62,000 shares of the firm’s 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 disclosure for this sale can be found here. Insiders have sold a total of 241,216 shares of company stock worth $302,766 over the last three months. 3.63% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC purchased a new position in Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 0.34% of Mullen Automotive at the end of the most recent reporting period. 11.71% of the stock is owned by institutional investors and hedge funds.

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.