Mullen Automotive (NASDAQ:MULN) Stock Price Down 16.2% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price fell 16.2% during trading on Friday . The company traded as low as $0.29 and last traded at $0.29. 4,683,718 shares traded hands during mid-day trading, an increase of 501% from the average session volume of 779,938 shares. The stock had previously closed at $0.34.

Mullen Automotive Stock Down 15.0 %

The stock has a 50 day simple moving average of $11.57 and a 200 day simple moving average of $156.44.

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

Insider Activity at Mullen Automotive

In related news, Director Mary Winter sold 62,000 shares of Mullen Automotive stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $2.01, for a total transaction of $124,620.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John Kevin Andersen sold 174,500 shares of the business’s 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 transaction, the director now directly owns 9 shares in the company, valued at approximately $8.19. This represents 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 valued at $302,766 over the last 90 days. Insiders own 3.63% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC acquired a new position in Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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. Hedge funds and other institutional investors own 11.71% of the company’s stock.

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.