Mullen Automotive (NASDAQ:MULN) Stock Price Down 15% on Insider Selling

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price fell 15% during mid-day trading on Monday following insider selling activity. The stock traded as low as $3.41 and last traded at $3.41. 417,724 shares changed hands during trading, an increase of 13% from the average session volume of 368,967 shares. The stock had previously closed at $4.01.

Specifically, Director John Kevin Andersen sold 174,500 shares of the company’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $0.91, for a total value of $158,795.00. Following the transaction, the director now owns 9 shares in the company, valued at $8.19. This represents a 99.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Kevin Andersen sold 13,334 shares of the company’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $6.77, for a total value of $90,271.18. Following the completion of the transaction, the director now owns 5 shares in the company, valued at $33.85. This represents a 99.96 % decrease in their position. The disclosure for this sale can be found here.

Mullen Automotive Stock Down 16.4 %

The business has a fifty day moving average price of $35.68 and a two-hundred day moving average price of $433.29.

Mullen Automotive (NASDAQ:MULN) last issued its earnings results on Wednesday, February 19th. The company reported ($661.33) earnings per share 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 business had revenue of $2.92 million during the quarter.

Hedge Funds Weigh In On Mullen Automotive

A hedge fund recently bought a new stake 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 Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 0.34% of Mullen Automotive at the end of the most recent quarter. 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.