Mullen Automotive (NASDAQ:MULN) Shares Down 14.3% – Here’s Why

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) dropped 14.3% during trading on Tuesday . The company traded as low as $9.51 and last traded at $10.13. Approximately 238,277 shares traded hands during trading, a decline of 12% from the average daily volume of 272,154 shares. The stock had previously closed at $11.82.

Mullen Automotive Stock Performance

The business’s 50 day moving average price is $37.50 and its 200 day moving average price is $523.08.

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

Institutional Trading of Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC acquired a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned approximately 0.34% of Mullen Automotive at the end of the most recent quarter. Institutional investors 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.