Mullen Automotive (NASDAQ:MULN) Stock Price Down 3.3% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN) shares traded down 3.3% on Thursday . The stock traded as low as $0.36 and last traded at $0.39. 5,450,651 shares changed hands during mid-day trading, an increase of 648% from the average session volume of 729,010 shares. The stock had previously closed at $0.40.

Mullen Automotive Price Performance

The firm’s 50-day moving average price is $12.89 and its two-hundred day moving average price is $174.31.

Mullen Automotive (NASDAQ:MULN) last posted its earnings results on Wednesday, February 19th. The company reported ($661.33) 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 firm had revenue of $2.92 million for the quarter.

Insider Activity at Mullen Automotive

In other news, Director John Kevin Andersen sold 174,500 shares of the stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total value of $158,795.00. Following the sale, the director now owns 9 shares in the company, valued at $8.19. This represents a 99.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Winter sold 62,000 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $2.01, for a total transaction of $124,620.00. The disclosure for this sale can be found here. Insiders sold 241,216 shares of company stock valued at $302,766 over the last 90 days. 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 position in Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 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 quarter. 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.