Mullen Automotive (NASDAQ:MULN) Stock Price Down 11.1% – Should You Sell?

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) dropped 11.1% during trading on Monday . The company traded as low as $0.96 and last traded at $1.00. Approximately 2,572,260 shares changed hands during trading, an increase of 1,355% from the average daily volume of 176,836 shares. The stock had previously closed at $1.12.

Mullen Automotive Price Performance

The company’s fifty day simple moving average is $229.72 and its 200 day simple moving average is $6,388.51.

Mullen Automotive (NASDAQ:MULN) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($66,133.00) earnings per share 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 company had revenue of $2.92 million during the quarter.

Insider Activity at Mullen Automotive

In other news, Director Mary Winter sold 620 shares of Mullen Automotive stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $201.00, for a total value of $124,620.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Financial Lp Hrt purchased 5,467 shares of Mullen Automotive stock in a transaction that occurred on Thursday, April 3rd. The shares were bought at an average cost of $8.00 per share, for a total transaction of $43,736.00. Following the transaction, the insider now directly 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 disclosure for this purchase can be found here. Insiders sold 667 shares of company stock worth $143,911 in the last ninety days. 3.63% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC acquired 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 and Exchange Commission (SEC). The fund acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned approximately 0.34% of Mullen Automotive at the end of the most recent reporting period. 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.