Mullen Automotive (NASDAQ:MULN) Stock Price Down 5.1% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN) shares were down 5.1% during mid-day trading on Wednesday . The stock traded as low as $0.96 and last traded at $1.03. Approximately 1,011,798 shares traded hands during trading, an increase of 85% from the average daily volume of 547,831 shares. The stock had previously closed at $1.08.

Mullen Automotive Stock Down 3.7 %

The company’s 50 day moving average price is $19.56 and its 200 day moving average price is $234.26.

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

Insiders Place Their Bets

In other Mullen Automotive news, Director Mary Winter sold 62,000 shares of the firm’s 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 legal filing with the SEC, which can be accessed through this link. Also, Director John Kevin Andersen sold 174,500 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total value of $158,795.00. Following the completion of the transaction, the director now owns 9 shares in the company, valued at approximately $8.19. The trade was a 99.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 241,216 shares of company stock worth $302,766 in the last quarter. 3.63% of the stock is owned by company 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 position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned about 0.34% of Mullen Automotive at the end of the most recent quarter. 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.