Mullen Automotive (NASDAQ:MULN) Trading Down 10.7% – What’s Next?

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price traded down 10.7% during mid-day trading on Tuesday . The company traded as low as $0.05 and last traded at $0.05. 42,902,312 shares changed hands during mid-day trading, an increase of 524% from the average session volume of 6,880,734 shares. The stock had previously closed at $0.06.

Mullen Automotive Trading Down 15.0 %

The company’s fifty day simple moving average is $5.75 and its 200 day simple moving average is $81.96.

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

Insider Buying and Selling

In other news, major shareholder Financial Lp Hrt purchased 546,706 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The shares were purchased at an average price of $0.08 per share, with a total value of $43,736.48. Following the completion of the acquisition, the insider now owns 665,392 shares in the company, valued at $53,231.36. This trade represents a 460.63 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Mary Winter sold 62,000 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was 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. In the last quarter, insiders have sold 66,716 shares of company stock valued at $143,971. Corporate insiders own 3.63% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC purchased a new position in Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 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 reporting period. Institutional investors and hedge funds 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.