Mullen Automotive (NASDAQ:MULN) Trading 9.7% Higher – Time to Buy?

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price shot up 9.7% during mid-day trading on Thursday . The stock traded as high as $0.54 and last traded at $0.50. 6,498,846 shares traded hands during trading, a decline of 46% from the average session volume of 12,018,456 shares. The stock had previously closed at $0.46.

Mullen Automotive Price Performance

The stock has a fifty day moving average price of $1.75 and a two-hundred day moving average price of $39.00.

Institutional Trading of Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC purchased a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 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 SEC filing. 11.71% of the stock is owned by hedge funds and other 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.