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

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price was down 7.8% during mid-day trading on Friday . The stock traded as low as $0.19 and last traded at $0.21. Approximately 8,680,817 shares traded hands during 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 Trading Down 12.2 %

The firm’s fifty day moving average is $0.76 and its 200-day moving average is $10.91.

Shares of Mullen Automotive are going to reverse split before the market opens 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 closing bell on Monday, February 17th.

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 position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund 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 reporting period. 11.71% of the stock is owned by institutional investors and hedge funds.

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.