Mullen Automotive (NASDAQ:MULN) Stock Price Down 5.1% – What’s Next?

Mullen Automotive, Inc. (NASDAQ:MULN) shares were down 5.1% on Wednesday . The company traded as low as $2.01 and last traded at $2.04. Approximately 644,522 shares changed hands during trading, a decline of 78% from the average daily volume of 2,899,706 shares. The stock had previously closed at $2.15.

Mullen Automotive Stock Performance

The firm’s 50-day moving average is $25.88 and its 200-day moving average is $295.12.

Mullen Automotive (NASDAQ:MULN) last posted its earnings results on Wednesday, February 19th. The company reported ($661.33) earnings per share for the quarter. The firm had revenue of $2.92 million for the quarter. Mullen Automotive had a negative return on equity of 2,736.27% and a negative net margin of 12,717.94%.

Insiders Place Their Bets

In related news, Director John Kevin Andersen sold 174,500 shares of the business’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total transaction of $158,795.00. Following the sale, the director now owns 9 shares of the company’s stock, valued at $8.19. The trade was a 99.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders sold 179,216 shares of company stock worth $178,146. 3.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC acquired a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 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.

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.