Mullen Automotive (NASDAQ:MULN) Shares Down 15.7% – Here’s Why

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) traded down 15.7% during mid-day trading on Wednesday . The stock traded as low as $0.66 and last traded at $0.70. 4,893,390 shares were traded during trading, a decline of 48% from the average session volume of 9,410,091 shares. The stock had previously closed at $0.83.

Mullen Automotive Price Performance

The stock’s 50-day simple moving average is $1.92 and its 200 day simple moving average is $48.18.

Institutional Trading of Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC acquired a new stake in Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned approximately 0.34% of Mullen Automotive at the end of the most recent quarter. 11.71% of the stock is currently owned by institutional investors.

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.