Mullen Automotive (NASDAQ:MULN) Trading Down 19.3% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price fell 19.3% during trading on Monday . The stock traded as low as $1.30 and last traded at $1.24. 727,920 shares changed hands during mid-day trading, an increase of 37% from the average session volume of 532,827 shares. The stock had previously closed at $1.53.

Mullen Automotive Trading Down 13.6 %

The company has a 50-day moving average of $20.98 and a two-hundred day moving average of $248.43.

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

Insider Activity

In related news, Director Mary Winter sold 62,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $2.01, for a total value of $124,620.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John Kevin Andersen sold 174,500 shares of the company’s 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 of the company’s stock, valued at $8.19. The trade was a 99.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 241,216 shares of company stock worth $302,766 over the last ninety days. Corporate insiders own 3.63% of the company’s stock.

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 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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 quarter. 11.71% of the stock is owned by institutional investors and hedge funds.

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.