Mullen Automotive (NASDAQ:MULN) Trading Down 4.7% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price was down 4.7% during mid-day trading on Thursday . The stock traded as low as $1.00 and last traded at $1.01. Approximately 638,760 shares changed hands during trading, an increase of 12% from the average daily volume of 569,405 shares. The stock had previously closed at $1.06.

Mullen Automotive Price Performance

The stock’s 50-day moving average price is $16.95 and its 200-day moving average price is $231.02.

Mullen Automotive (NASDAQ:MULN) last issued its quarterly 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 firm had revenue of $2.92 million for the quarter.

Insiders Place Their Bets

In related news, Director Mary Winter sold 62,000 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $2.01, for a total value of $124,620.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Kevin Andersen sold 174,500 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now owns 9 shares in the company, valued at approximately $8.19. The trade was a 99.99 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 241,216 shares of company stock worth $302,766. 3.63% of the stock is owned by corporate insiders.

Institutional Trading of Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC bought a new position in Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 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 reporting period. Hedge funds and other institutional investors own 11.71% of the company’s stock.

Mullen Automotive Company Profile

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.