Mullen Automotive (NASDAQ:MULN) Shares Down 24.6% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price traded down 24.6% during mid-day trading on Wednesday . The stock traded as low as $7.40 and last traded at $7.46. 419,291 shares changed hands during trading, an increase of 48% from the average session volume of 284,211 shares. The stock had previously closed at $9.90.

Mullen Automotive Price Performance

The firm’s fifty day moving average price is $35.68 and its 200 day moving average price is $491.12.

Mullen Automotive (NASDAQ:MULN) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($661.33) EPS for the quarter. The company had revenue of $2.92 million during the quarter. Mullen Automotive had a negative return on equity of 795.64% and a negative net margin of 12,717.94%.

Insider Activity at Mullen Automotive

In other Mullen Automotive 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 transaction of $158,795.00. Following the completion of the transaction, the director now owns 9 shares in the company, valued at $8.19. This trade represents a 99.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.60% of the stock is owned by corporate insiders.

Institutional Trading of Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC acquired a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 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. 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.