Mullen Automotive (NASDAQ:MULN) Stock Price Down 8.4% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped 8.4% on Monday . The stock traded as low as $1.06 and last traded at $1.09. Approximately 1,394,145 shares traded hands during trading, an increase of 36% from the average daily volume of 1,023,228 shares. The stock had previously closed at $1.19.

Mullen Automotive Stock Performance

The stock’s 50-day moving average is $2.23 and its two-hundred day moving average is $67.06.

Hedge Funds Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC bought a new stake in Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 0.34% of Mullen Automotive as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds 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.