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

Mullen Automotive, Inc. (NASDAQ:MULN) dropped 13.7% during 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 firm’s 50 day simple moving average is $9.30 and its 200-day simple moving average is $129.38.

Mullen Automotive (NASDAQ:MULN) last released its quarterly earnings data 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 2,736.27% and a negative net margin of 12,717.94%. The business had revenue of $2.92 million during the quarter.

Insiders Place Their Bets

In related news, Director John Kevin Andersen sold 174,500 shares of the stock in a transaction on 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 sale, the director now directly owns 9 shares in the company, valued at approximately $8.19. This represents a 99.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mary Winter sold 62,000 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $2.01, for a total value of $124,620.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 241,216 shares of company stock worth $302,766. Insiders own 3.63% of the company’s stock.

Institutional Trading of 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 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned about 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.

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.