Mullen Automotive (NASDAQ:MULN) Trading Down 36.9% – Should You Sell?

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) were down 36.9% during mid-day trading on Friday . The company traded as low as $2.02 and last traded at $2.27. Approximately 2,477,642 shares were traded during mid-day trading, an increase of 2,564% from the average daily volume of 93,002 shares. The stock had previously closed at $3.60.

Mullen Automotive Trading Down 39.4 %

The firm has a fifty day moving average of $375.82 and a 200 day moving average of $7,154.94.

Mullen Automotive (NASDAQ:MULN) last announced its earnings results on Wednesday, February 19th. The company reported ($66,133.00) earnings per share for the quarter. The firm had revenue of $2.92 million during 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 at Mullen Automotive

In other news, Director Mary Winter sold 620 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $201.00, for a total transaction of $124,620.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Financial Lp Hrt purchased 5,467 shares of the firm’s stock in a transaction that occurred on Thursday, April 3rd. The stock was purchased at an average price of $8.00 per share, with a total value of $43,736.00. Following the completion of the purchase, the insider now directly owns 6,653 shares of the company’s stock, valued at approximately $53,224. This represents a 460.96 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 667 shares of company stock worth $143,911 in the last 90 days. 3.63% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 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 the company in its most recent filing with the Securities & Exchange Commission. The fund bought 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned about 0.34% of Mullen Automotive at the end of the most recent reporting period. Hedge funds and other institutional investors own 11.71% of the company’s stock.

About Mullen Automotive

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.