Mullen Automotive (NASDAQ:MULN) Shares Down 16.5% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price dropped 16.5% during mid-day trading on Thursday . The company traded as low as $0.08 and last traded at $0.09. Approximately 27,116,451 shares traded hands during trading, an increase of 467% from the average daily volume of 4,786,576 shares. The stock had previously closed at $0.10.

Mullen Automotive Stock Performance

The company’s 50-day moving average price is $7.15 and its 200 day moving average price is $97.33.

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

Insider Transactions at Mullen Automotive

In related news, Director Mary Winter sold 62,000 shares of Mullen Automotive 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 legal filing with the SEC, which is available at the SEC website. Also, Director John Kevin Andersen sold 174,500 shares of the 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 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. Insiders have sold 241,216 shares of company stock valued at $302,766 over the last quarter. 3.63% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC bought a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 0.34% of Mullen Automotive as of its most recent filing with the Securities and Exchange Commission (SEC). 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.