Mullen Automotive (NASDAQ:MULN) Stock Price Down 13.7% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price dropped 13.7% during mid-day trading on Wednesday . The company traded as low as $0.22 and last traded at $0.21. Approximately 27,349,180 shares traded hands during mid-day trading, an increase of 922% from the average daily volume of 2,677,146 shares. The stock had previously closed at $0.24.

Mullen Automotive Stock Down 28.1 %

The company has a fifty day moving average of $9.30 and a two-hundred day moving average of $129.38.

Mullen Automotive (NASDAQ:MULN) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($661.33) earnings per share 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 firm had revenue of $2.92 million for the quarter.

Insider Buying and Selling

In other news, Director John Kevin Andersen sold 174,500 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $0.91, for a total value of $158,795.00. Following the completion of the transaction, the director now owns 9 shares in the company, valued at $8.19. This trade represents a 99.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary Winter sold 62,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $2.01, for a total transaction of $124,620.00. The disclosure for this sale can be found here. Insiders sold 241,216 shares of company stock worth $302,766 in the last quarter. Insiders own 3.63% of the company’s stock.

Institutional Investors Weigh In On 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) in the third quarter, according to the company in its most recent disclosure with the SEC. 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 at the end of the most recent quarter. 11.71% of the stock is currently owned by institutional investors and hedge funds.

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.