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

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) were down 24.6% on Thursday . The company traded as low as $3.03 and last traded at $3.05. Approximately 2,196,882 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 2,953,710 shares. The stock had previously closed at $4.04.

Mullen Automotive Stock Down 26.7 %

The company’s 50 day moving average price is $31.11 and its two-hundred day moving average price is $375.04.

Mullen Automotive (NASDAQ:MULN) last released its earnings results on Wednesday, February 19th. The company reported ($661.33) earnings per share (EPS) for the quarter. The business had revenue of $2.92 million for the quarter. Mullen Automotive had a negative return on equity of 2,736.27% and a negative net margin of 12,717.94%.

Insiders Place Their Bets

In other news, Director John Kevin Andersen sold 174,500 shares of the firm’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $0.91, for a total transaction of $158,795.00. Following the transaction, the director now owns 9 shares in the company, valued at approximately $8.19. This trade represents a 99.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 3.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

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 the company in its most recent filing with the SEC. The firm acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned about 0.34% of Mullen Automotive as of its most recent filing with the SEC. Institutional investors 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.