Mullen Automotive (NASDAQ:MULN) Shares Down 24.6% – Here’s What Happened

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) fell 24.6% on Wednesday . The company traded as low as $7.40 and last traded at $7.46. 419,291 shares changed hands during trading, an increase of 48% from the average session volume of 284,211 shares. The stock had previously closed at $9.90.

Mullen Automotive Stock Performance

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

Mullen Automotive (NASDAQ:MULN) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($661.33) earnings per share (EPS) for the quarter. Mullen Automotive had a negative return on equity of 795.64% and a negative net margin of 12,717.94%. The firm had revenue of $2.92 million during the quarter.

Insider Buying and Selling

In other Mullen Automotive news, Director John Kevin Andersen sold 174,500 shares of Mullen Automotive stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total value of $158,795.00. Following the completion of the sale, the director now owns 9 shares of the company’s stock, valued at approximately $8.19. The trade was a 99.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC bought a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned approximately 0.34% of Mullen Automotive as of its most recent filing with the Securities and Exchange Commission (SEC). 11.71% of the stock is currently owned by 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.