Mullen Automotive (NASDAQ:MULN) Shares Down 15.7% – Here’s What Happened

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) dropped 15.7% during mid-day trading on Wednesday . The company traded as low as $0.66 and last traded at $0.70. Approximately 4,893,390 shares changed hands during trading, a decline of 48% from the average daily volume of 9,410,091 shares. The stock had previously closed at $0.83.

Mullen Automotive Stock Performance

The company’s 50 day moving average is $1.92 and its 200 day moving average is $48.18.

Institutional Investors Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC bought a new position in Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned approximately 0.34% of Mullen Automotive at the end of the most recent quarter. 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.