Mullen Automotive (NASDAQ:MULN) Trading Up 6.2% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price traded up 6.2% on Monday . The stock traded as high as $0.36 and last traded at $0.31. 15,644,155 shares traded hands during trading, an increase of 1,665% from the average session volume of 886,588 shares. The stock had previously closed at $0.29.

Mullen Automotive Trading Down 6.2 %

The business’s 50-day simple moving average is $11.57 and its 200-day simple moving average is $148.31.

Mullen Automotive (NASDAQ:MULN) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($661.33) earnings per share (EPS) for the quarter. The business 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 Buying and Selling

In other news, Director John Kevin Andersen sold 174,500 shares of Mullen Automotive stock in a transaction on Tuesday, January 7th. The shares were 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 $8.19. This trade represents a 99.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mary Winter sold 62,000 shares of Mullen Automotive stock in a transaction dated Wednesday, March 5th. The shares were 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 sold a total of 241,216 shares of company stock valued at $302,766 over the last three months. Company insiders own 3.63% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC purchased a new stake in Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 0.34% of Mullen Automotive at the end of the most recent reporting period. 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.