Mullen Automotive (NASDAQ:MULN) Stock Price Down 19% – Time to Sell?

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) dropped 19% on Tuesday . The company traded as low as $0.46 and last traded at $0.49. Approximately 3,547,853 shares changed hands during trading, an increase of 458% from the average daily volume of 635,623 shares. The stock had previously closed at $0.60.

Mullen Automotive Stock Performance

The stock has a 50-day moving average of $14.66 and a two-hundred day moving average of $184.62.

Mullen Automotive (NASDAQ:MULN) last posted its earnings results on Wednesday, February 19th. The company reported ($661.33) EPS for the quarter. The business had revenue of $2.92 million during 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 other Mullen Automotive news, Director Mary Winter sold 62,000 shares of Mullen Automotive stock in a transaction 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Kevin Andersen sold 174,500 shares of Mullen Automotive stock in a transaction 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 sale, the director now directly owns 9 shares of the company’s stock, valued at $8.19. The trade was a 99.99 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 241,216 shares of company stock valued at $302,766. 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 acquired a new position in Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 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 reporting period. 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.