Mullen Automotive (NASDAQ:MULN) Stock Price Down 16.2% – Should You Sell?

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price traded down 16.2% during mid-day trading on Friday . The stock traded as low as $0.29 and last traded at $0.29. 4,683,718 shares traded hands during mid-day trading, an increase of 501% from the average session volume of 779,938 shares. The stock had previously closed at $0.34.

Mullen Automotive Stock Down 14.1 %

The company’s fifty day moving average price is $12.10 and its 200-day moving average price is $173.10.

Mullen Automotive (NASDAQ:MULN) last posted 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 2,736.27% and a negative net margin of 12,717.94%.

Insider Transactions at Mullen Automotive

In other Mullen Automotive news, Director Mary Winter sold 62,000 shares of Mullen Automotive stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $2.01, for a total transaction of $124,620.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Kevin Andersen sold 174,500 shares of Mullen Automotive stock in a transaction that occurred 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 sale, the director now owns 9 shares of the company’s stock, valued at approximately $8.19. The trade was a 99.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 241,216 shares of company stock valued at $302,766 in the last 90 days. Insiders own 3.63% of the company’s stock.

Institutional Investors 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 Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned approximately 0.34% of Mullen Automotive as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds 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.