Mullen Automotive (NASDAQ:MULN) Trading Down 11.4% on Insider Selling

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price fell 11.4% on Friday following insider selling activity. The company traded as low as $4.58 and last traded at $4.55. 449,430 shares were traded during trading, an increase of 33% from the average session volume of 336,780 shares. The stock had previously closed at $5.14.

Specifically, Director John Kevin Andersen sold 174,500 shares of Mullen Automotive stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total value of $158,795.00. Following the completion of the transaction, the director now owns 9 shares of the company’s stock, valued at $8.19. The trade was a 99.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John Kevin Andersen sold 13,334 shares of the stock in a transaction on Friday, January 26th. The stock was sold at an average price of $6.77, for a total transaction of $90,271.18. Following the sale, the director now directly owns 5 shares in the company, valued at $33.85. This trade represents a 99.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Mullen Automotive Price Performance

The company’s fifty day moving average price is $35.68 and its 200 day moving average price is $460.56.

Mullen Automotive (NASDAQ:MULN) last issued its earnings results on Wednesday, February 19th. The company reported ($661.33) EPS for the quarter. The company 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%.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC bought a new stake in Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm 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 filing with the Securities & Exchange Commission. 11.71% of the stock is owned by institutional investors.

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.