Mullen Automotive (NASDAQ:MULN) Shares Up 48.9% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price shot up 48.9% during mid-day trading on Tuesday . The stock traded as high as $0.72 and last traded at $0.38. 266,134,825 shares traded hands during trading, an increase of 27,852% from the average session volume of 952,107 shares. The stock had previously closed at $0.26.

Mullen Automotive Stock Performance

The stock has a 50 day moving average price of $10.97 and a 200 day moving average price of $139.18.

Mullen Automotive (NASDAQ:MULN) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($661.33) EPS for the quarter. Mullen Automotive had a negative return on equity of 2,736.27% and a negative net margin of 12,717.94%. The company had revenue of $2.92 million during the quarter.

Insider Buying and Selling at Mullen Automotive

In other Mullen Automotive news, Director Mary Winter sold 62,000 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $2.01, for a total transaction of $124,620.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John Kevin Andersen sold 174,500 shares of Mullen Automotive stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $0.91, for a total transaction of $158,795.00. Following the completion of the transaction, the director now owns 9 shares of the company’s stock, valued at $8.19. The trade was a 99.99 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 241,216 shares of company stock valued at $302,766. Company insiders own 3.63% of the company’s stock.

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 shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 SEC filing. 11.71% of the stock is currently owned by institutional investors and hedge funds.

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.