Mullen Automotive (NASDAQ:MULN) Shares Up 2.2% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN) shares shot up 2.2% on Wednesday . The company traded as high as $0.47 and last traded at $0.47. 4,379,851 shares were traded during trading, an increase of 548% from the average session volume of 676,327 shares. The stock had previously closed at $0.46.

Mullen Automotive Stock Performance

The stock’s 50 day moving average is $12.10 and its two-hundred day moving average is $173.10.

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

Insider Buying and Selling

In related news, Director John Kevin Andersen sold 174,500 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total transaction of $158,795.00. Following the completion of the transaction, the director now owns 9 shares in the company, valued at approximately $8.19. The trade was a 99.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Winter sold 62,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $2.01, for a total transaction of $124,620.00. The disclosure for this sale can be found here. Insiders sold a total of 241,216 shares of company stock valued at $302,766 over the last ninety days. 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 stake in Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 0.34% of Mullen Automotive as of its most recent SEC filing. 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.