Mullen Automotive (NASDAQ:MULN) Stock Price Down 8.4% – Here’s Why

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) fell 8.4% on Monday . The company traded as low as $1.06 and last traded at $1.09. 1,394,145 shares traded hands during trading, an increase of 36% from the average session volume of 1,023,228 shares. The stock had previously closed at $1.19.

Mullen Automotive Stock Performance

The stock has a 50 day simple moving average of $2.23 and a 200-day simple moving average of $67.06.

Hedge Funds Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC acquired a new position in Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. 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 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 11.71% of the company’s stock.

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.