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

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price fell 22.2% on Thursday . The stock traded as low as $5.43 and last traded at $5.57. 605,220 shares traded hands during trading, an increase of 96% from the average session volume of 308,862 shares. The stock had previously closed at $7.15.

Mullen Automotive Stock Performance

The company has a 50-day simple moving average of $35.68 and a two-hundred day simple moving average of $491.12.

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%.

Insider Activity at Mullen Automotive

In related news, Director John Kevin Andersen sold 174,500 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total value of $158,795.00. Following the transaction, the director now owns 9 shares in the company, valued at approximately $8.19. This represents a 99.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC acquired a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 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. Hedge funds and other institutional investors own 11.71% of the company’s stock.

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.