Mullen Automotive (NASDAQ:MULN) Stock Price Down 13.2% – Here’s What Happened

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) fell 13.2% during mid-day trading on Tuesday . The company traded as low as $1.02 and last traded at $1.09. 1,135,089 shares changed hands during trading, an increase of 111% from the average session volume of 538,409 shares. The stock had previously closed at $1.25.

Mullen Automotive Stock Performance

The stock has a 50-day simple moving average of $18.14 and a 200-day simple moving average of $232.63.

Mullen Automotive (NASDAQ:MULN) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($661.33) earnings per share for the quarter. The firm had revenue of $2.92 million during 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 other news, Director Mary Winter sold 62,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $2.01, for a total transaction of $124,620.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John Kevin Andersen sold 174,500 shares of the company’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 directly owns 9 shares of the company’s stock, valued at approximately $8.19. This represents a 99.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 241,216 shares of company stock worth $302,766 over the last 90 days. 3.63% of the stock is currently 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 purchased a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 0.34% of Mullen Automotive at the end of the most recent quarter. 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.