Mullen Automotive (NASDAQ:MULN) Shares Up 2.2% – Here’s Why

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) shot up 2.2% during trading on Wednesday . The company traded as high as $0.47 and last traded at $0.47. 4,379,851 shares were traded during mid-day trading, an increase of 548% from the average session volume of 676,327 shares. The stock had previously closed at $0.46.

Mullen Automotive Stock Down 15.3 %

The stock’s 50-day moving average price is $12.10 and its 200 day moving average price is $173.10.

Mullen Automotive (NASDAQ:MULN) last announced its quarterly earnings data 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 the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $2.01, for a total transaction of $124,620.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John Kevin Andersen sold 174,500 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $0.91, for a total transaction of $158,795.00. Following the sale, the director now directly owns 9 shares in the company, valued at $8.19. This trade represents a 99.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 241,216 shares of company stock valued at $302,766. 3.63% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC acquired a new stake in Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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. Hedge funds and other 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.