Mullen Automotive (NASDAQ:MULN) Shares Down 11.4% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price was down 11.4% during mid-day trading on Friday . The stock traded as low as $4.58 and last traded at $4.55. Approximately 449,430 shares changed hands during mid-day trading, an increase of 33% from the average daily volume of 336,780 shares. The stock had previously closed at $5.14.

Mullen Automotive Stock Performance

The stock has a 50 day simple moving average of $37.50 and a 200-day simple moving average of $523.08.

Mullen Automotive (NASDAQ:MULN) last announced its earnings results on Wednesday, February 19th. The company reported ($661.33) EPS for the quarter. The business 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 795.64%.

Institutional Trading of Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC acquired a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 0.34% of Mullen Automotive at the end of the most recent quarter. 11.71% of the stock is owned by hedge funds and other institutional investors.

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.