Mullen Automotive (NASDAQ:MULN) Trading Down 5.5% – Time to Sell?

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price dropped 5.5% during mid-day trading on Wednesday . The company traded as low as $1.70 and last traded at $1.72. Approximately 576,282 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 951,677 shares. The stock had previously closed at $1.82.

Mullen Automotive Stock Performance

The firm has a 50-day moving average price of $2.41 and a 200-day moving average price of $92.53.

Institutional Trading of Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC bought a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 SEC filing. 11.71% of the stock is owned by institutional investors and hedge funds.

Mullen Automotive Company Profile

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.