Mullen Automotive (NASDAQ:MULN) Trading Down 13.2% – Time to Sell?

Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped 13.2% during mid-day trading on Tuesday . The stock traded as low as $1.02 and last traded at $1.09. Approximately 1,135,089 shares traded hands during trading, an increase of 111% from the average daily volume of 538,409 shares. The stock had previously closed at $1.25.

Mullen Automotive Trading Down 13.6 %

The firm has a fifty day moving average of $22.27 and a 200-day moving average of $263.61.

Mullen Automotive (NASDAQ:MULN) last issued its earnings results on Wednesday, February 19th. The company reported ($661.33) earnings per share (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 during the quarter.

Insider Activity at Mullen Automotive

In other news, Director Mary Winter sold 62,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $2.01, for a total transaction of $124,620.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Kevin Andersen sold 174,500 shares of Mullen Automotive stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $0.91, for a total value of $158,795.00. Following the sale, the director now directly owns 9 shares of the company’s stock, valued at $8.19. This represents a 99.99 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 241,216 shares of company stock worth $302,766. Company insiders own 3.63% of the company’s stock.

Institutional Investors Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC acquired a new stake in Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 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 reporting period. 11.71% of the stock is currently 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.