Mullen Automotive (NASDAQ:MULN) Shares Down 10.4% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN) dropped 10.4% on Tuesday . The company traded as low as $0.43 and last traded at $0.43. Approximately 1,955,214 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 11,068,966 shares. The stock had previously closed at $0.48.

Mullen Automotive Price Performance

The stock has a fifty day moving average price of $1.51 and a two-hundred day moving average price of $30.51.

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 stake in Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to its most recent filing with the SEC. The fund purchased 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 quarter. 11.71% of the stock is currently owned by institutional investors and hedge funds.

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.