Mullen Automotive (NASDAQ:MULN) Stock Price Down 19.8% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN) shares traded down 19.8% during mid-day trading on Tuesday . The stock traded as low as $1.46 and last traded at $1.48. 1,980,668 shares traded hands during mid-day trading, an increase of 1,542% from the average session volume of 120,652 shares. The stock had previously closed at $1.84.

Mullen Automotive Price Performance

The business’s 50-day moving average price is $287.70 and its 200-day moving average price is $6,780.38.

Mullen Automotive (NASDAQ:MULN) last announced its earnings results on Wednesday, February 19th. The company reported ($66,133.00) earnings per share for the quarter. Mullen Automotive had a negative return on equity of 2,736.27% and a negative net margin of 12,717.94%. The business had revenue of $2.92 million for the quarter.

Insider Buying and Selling

In other Mullen Automotive news, Director Mary Winter sold 620 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $201.00, for a total transaction of $124,620.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Financial Lp Hrt bought 5,467 shares of the stock in a transaction dated Thursday, April 3rd. The shares were bought at an average price of $8.00 per share, for a total transaction of $43,736.00. Following the completion of the acquisition, the insider now owns 6,653 shares in the company, valued at approximately $53,224. The trade was a 460.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 667 shares of company stock worth $143,911 in the last 90 days. Insiders own 3.63% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC bought a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor 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 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.