Mullen Automotive (NASDAQ:MULN) Stock Price Down 15% on Insider Selling

Mullen Automotive, Inc. (NASDAQ:MULN) dropped 15% on Monday following insider selling activity. The company traded as low as $3.41 and last traded at $3.41. Approximately 417,724 shares traded hands during mid-day trading, an increase of 13% from the average daily volume of 368,967 shares. The stock had previously closed at $4.01.

Specifically, Director John Kevin Andersen sold 174,500 shares of the firm’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 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 Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Kevin Andersen sold 13,334 shares of the stock in a transaction on Friday, January 26th. The stock was sold at an average price of $6.77, for a total value of $90,271.18. Following the transaction, the director now owns 5 shares of the company’s stock, valued at $33.85. This represents a 99.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Mullen Automotive Stock Performance

The firm has a 50 day simple moving average of $35.68 and a 200-day simple moving average of $433.29.

Mullen Automotive (NASDAQ:MULN) last announced its earnings results on Wednesday, February 19th. The company reported ($661.33) earnings per share 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.

Institutional Trading of Mullen Automotive

A hedge fund recently bought a new stake 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 the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 owned by hedge funds and other institutional investors.

About Mullen Automotive

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.