Mullen Automotive (NASDAQ:MULN) Trading Down 16.5% – Time to Sell?

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) dropped 16.5% on Thursday . The stock traded as low as $0.08 and last traded at $0.09. Approximately 27,116,451 shares changed hands during mid-day trading, an increase of 467% from the average daily volume of 4,786,576 shares. The stock had previously closed at $0.10.

Mullen Automotive Stock Down 22.8 %

The company has a 50 day moving average of $7.15 and a two-hundred day moving average of $97.33.

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

Insider Buying and Selling at Mullen Automotive

In related news, Director John Kevin Andersen sold 174,500 shares of Mullen Automotive stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $0.91, for a total value of $158,795.00. Following the completion of the sale, the director now directly owns 9 shares in the company, valued at approximately $8.19. This trade represents a 99.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Winter sold 62,000 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $2.01, for a total value of $124,620.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 241,216 shares of company stock worth $302,766. 3.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC purchased a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. 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 at the end of the most recent reporting period. Institutional investors and hedge funds 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.