Mullen Automotive (NASDAQ:MULN) Trading 9.1% Higher – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price shot up 9.1% on Wednesday . The company traded as high as $1.46 and last traded at $1.20. 36,965,656 shares traded hands during trading, an increase of 2,817% from the average session volume of 1,267,425 shares. The stock had previously closed at $1.10.

Mullen Automotive Price Performance

The company’s fifty day moving average is $2.08 and its 200-day moving average is $57.39.

Hedge Funds Weigh In On Mullen Automotive

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 filing with the Securities and Exchange Commission. The firm purchased 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. 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.