Mullen Automotive (NASDAQ:MULN) Shares Down 9% – Time to Sell?

Mullen Automotive, Inc. (NASDAQ:MULN) was down 9% during trading on Thursday . The company traded as low as $0.04 and last traded at $0.04. Approximately 37,003,065 shares changed hands during trading, an increase of 355% from the average daily volume of 8,125,318 shares. The stock had previously closed at $0.04.

Mullen Automotive Price Performance

The business has a 50-day simple moving average of $375.82 and a two-hundred day simple moving average of $7,154.94.

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. The firm had revenue of $2.92 million for the quarter. Mullen Automotive had a negative net margin of 12,717.94% and a negative return on equity of 2,736.27%.

Insider Activity at Mullen Automotive

In other news, major shareholder Financial Lp Hrt acquired 5,467 shares of Mullen Automotive stock in a transaction on Thursday, April 3rd. The stock was bought at an average cost of $8.00 per share, with a total value of $43,736.00. Following the completion of the purchase, the insider now owns 6,653 shares of the company’s stock, valued at $53,224. This represents a 460.96 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mary Winter sold 620 shares of Mullen Automotive stock in a transaction that occurred on 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 a total of 667 shares of company stock valued at $143,911 over the last ninety 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 purchased a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned about 0.34% of Mullen Automotive as of its most recent SEC filing. 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.