Mullen Automotive (NASDAQ:MULN) Shares Down 15.6% – What’s Next?

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price was down 15.6% on Friday . The stock traded as low as $0.13 and last traded at $0.14. Approximately 19,394,719 shares were traded during trading, an increase of 494% from the average daily volume of 3,262,445 shares. The stock had previously closed at $0.16.

Mullen Automotive Stock Performance

The stock has a 50-day simple moving average of $9.30 and a 200-day simple moving average of $129.38.

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

Insider Activity at Mullen Automotive

In other Mullen Automotive news, Director John Kevin Andersen sold 174,500 shares of the business’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total value of $158,795.00. Following the sale, the director now directly 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary Winter sold 62,000 shares of the firm’s stock in a transaction dated 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 have sold 241,216 shares of company stock worth $302,766 over the last quarter. 3.63% of the stock is currently owned by company insiders.

Institutional Trading of Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC purchased a new position in Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 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 currently owned by institutional investors and hedge funds.

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.