Mullen Automotive (NASDAQ:MULN) Shares Down 7.8% – Time to Sell?

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price was down 7.8% during trading on Friday . The company traded as low as $0.19 and last traded at $0.21. Approximately 8,680,817 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 16,062,001 shares. The stock had previously closed at $0.22.

Mullen Automotive Price Performance

The stock’s 50 day moving average price is $0.76 and its 200 day moving average price is $10.91.

Shares of Mullen Automotive are set 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 market closes on Monday, February 17th.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC bought a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to the company in its most recent filing with the Securities and 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.