Mullen Automotive, Inc. (NASDAQ:MULN) Sees Significant Growth in Short Interest

Mullen Automotive, Inc. (NASDAQ:MULN) saw a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 4,950,000 shares, a growth of 213.3% from the March 15th total of 1,580,000 shares. Based on an average daily trading volume, of 28,640,000 shares, the days-to-cover ratio is presently 0.2 days. Currently, 502.5% of the company’s shares are sold short.

Mullen Automotive Stock Down 6.6 %

Shares of MULN stock traded down $0.09 during midday trading on Wednesday, reaching $1.28. 4,452,327 shares of the stock were exchanged, compared to its average volume of 512,412. The company’s 50 day moving average is $313.59 and its two-hundred day moving average is $6,827.46. Mullen Automotive has a 1 year low of $1.12 and a 1 year high of $4,710,000.00.

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

Insider Activity at Mullen Automotive

In related news, major shareholder Financial Lp Hrt acquired 5,467 shares of Mullen Automotive stock in a transaction on Thursday, April 3rd. The shares were acquired at an average cost of $8.00 per share, with a total value of $43,736.00. Following the transaction, the insider now owns 6,653 shares in the company, valued at $53,224. This trade represents a 460.96 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Mary Winter sold 620 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $201.00, for a total transaction of $124,620.00. The disclosure for this sale can be found here. Insiders sold 667 shares of company stock worth $143,911 in the last three months. 3.63% of the stock is 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 bought a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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 filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 11.71% of the company’s stock.

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.