Mullen Automotive (NASDAQ:MULN) Stock Price Down 12.2% – What’s Next?

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

Mullen Automotive Price Performance

The company’s 50-day simple moving average is $0.76 and its 200-day simple moving average is $10.17.

Shares of Mullen Automotive are set to reverse split on the morning of 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 shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to its most recent filing with the SEC. 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 at the end of the most recent quarter. 11.71% of the stock is owned by institutional investors.

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.