Mullen Automotive (NASDAQ:MULN) Stock Price Down 22.2% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped 22.2% during mid-day trading on Thursday . The company traded as low as $5.43 and last traded at $5.57. Approximately 605,220 shares changed hands during trading, an increase of 96% from the average daily volume of 308,862 shares. The stock had previously closed at $7.15.

Mullen Automotive Trading Down 20.4 %

The stock has a fifty day simple moving average of $35.68 and a 200-day simple moving average of $491.12.

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

Insider Activity

In other Mullen Automotive 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 value of $158,795.00. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 4.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC purchased a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned about 0.34% of Mullen Automotive as of its most recent SEC filing. 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.