Mullen Automotive (NASDAQ:MULN) Shares Down 14.3% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN) dropped 14.3% during mid-day trading on Tuesday . The stock traded as low as $9.51 and last traded at $10.13. Approximately 238,277 shares traded hands during mid-day trading, a decline of 12% from the average daily volume of 272,154 shares. The stock had previously closed at $11.82.

Mullen Automotive Price Performance

The company’s 50 day simple moving average is $37.50 and its 200-day simple moving average is $523.08.

Mullen Automotive (NASDAQ:MULN) last issued its earnings results on Wednesday, February 19th. The company reported ($661.33) EPS for the quarter. The firm had revenue of $2.92 million for the quarter.

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 third quarter, according to its most recent 13F 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 0.34% of Mullen Automotive at the end of the most recent reporting period. Institutional investors 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.