Mullen Automotive (NASDAQ:MULN) Shares Down 6.3% – Time to Sell?

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) dropped 6.3% during mid-day trading on Monday . The company traded as low as $1.43 and last traded at $1.48. Approximately 776,407 shares were traded during trading, a decline of 20% from the average daily volume of 972,172 shares. The stock had previously closed at $1.58.

Mullen Automotive Price Performance

The business’s 50-day simple moving average is $2.34 and its two-hundred day simple moving average is $79.24.

Hedge Funds Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC purchased a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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. Hedge funds and other institutional investors 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.