Mullen Automotive (NASDAQ:MULN) Stock Price Down 5.5% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN) fell 5.5% during trading on Monday . The stock traded as low as $0.67 and last traded at $0.71. 1,411,053 shares changed hands during mid-day trading, an increase of 134% from the average session volume of 603,195 shares. The stock had previously closed at $0.75.

Mullen Automotive Price Performance

The company has a 50 day simple moving average of $15.79 and a 200 day simple moving average of $194.71.

Mullen Automotive (NASDAQ:MULN) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($661.33) earnings per share for the quarter. The company had revenue of $2.92 million for 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 related news, Director John Kevin Andersen sold 174,500 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 9 shares of the company’s stock, valued at approximately $8.19. The trade was a 99.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Winter sold 62,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $2.01, for a total value of $124,620.00. The disclosure for this sale can be found here. Insiders have sold 241,216 shares of company stock valued at $302,766 in the last 90 days. 3.63% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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 Form 13F filing with the SEC. The fund bought 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 currently 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.