Mullen Automotive (NASDAQ:MULN) Shares Down 25.3% – Should You Sell?

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) traded down 25.3% during mid-day trading on Wednesday . The company traded as low as $0.04 and last traded at $0.04. 87,005,467 shares changed hands during mid-day trading, an increase of 1,034% from the average session volume of 7,674,128 shares. The stock had previously closed at $0.05.

Mullen Automotive Stock Performance

The company has a 50 day moving average of $375.82 and a 200-day moving average of $7,154.94.

Mullen Automotive (NASDAQ:MULN) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($66,133.00) earnings per share (EPS) 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 for the quarter.

Insiders Place Their Bets

In related news, major shareholder Financial Lp Hrt bought 5,467 shares of the business’s stock in a transaction that occurred on Thursday, April 3rd. The stock was bought at an average cost of $8.00 per share, for a total transaction of $43,736.00. Following the completion of the transaction, the insider now owns 6,653 shares of the company’s stock, valued at approximately $53,224. The trade was a 460.96 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Winter sold 620 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $201.00, for a total value of $124,620.00. The disclosure for this sale can be found here. Insiders sold a total of 667 shares of company stock valued at $143,911 in the last quarter. Corporate insiders own 3.63% of the company’s stock.

Hedge Funds Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC purchased a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. 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 as of its most recent SEC filing. Institutional investors and hedge funds own 11.71% of the company’s stock.

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.