Mullen Automotive (NASDAQ:MULN) Stock Price Down 4.7% – Time to Sell?

Mullen Automotive, Inc. (NASDAQ:MULN) shares fell 4.7% during mid-day trading on Wednesday . The stock traded as low as $0.10 and last traded at $0.10. 16,008,557 shares were traded during mid-day trading, an increase of 250% from the average session volume of 4,574,630 shares. The stock had previously closed at $0.11.

Mullen Automotive Stock Performance

The business’s 50-day simple moving average is $6.67 and its 200 day simple moving average is $96.66.

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

Insider Activity at Mullen Automotive

In other Mullen Automotive news, Director John Kevin Andersen sold 174,500 shares of the firm’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total value of $158,795.00. Following the sale, the director now owns 9 shares of the company’s stock, valued at $8.19. This trade represents a 99.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary Winter sold 62,000 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $2.01, for a total transaction of $124,620.00. The disclosure for this sale can be found here. Insiders sold 241,216 shares of company stock worth $302,766 in the last ninety days. 3.63% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC bought a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 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 SEC filing. 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.