Mullen Automotive (NASDAQ:MULN) Shares Down 4.7% – Here’s Why

by · The Cerbat Gem

Mullen Automotive, Inc. (NASDAQ:MULN – Get Free Report) shares dropped 4.7% on Wednesday . The company traded as low as $0.10 and last traded at $0.10. Approximately 16,008,557 shares were traded during trading, an increase of 250% from the average daily volume of 4,574,630 shares. The stock had previously closed at $0.11.

Mullen Automotive Stock Performance

The firm’s 50-day moving average is $6.67 and its 200-day moving average is $96.66.

Mullen Automotive (NASDAQ:MULN – Get Free Report) last posted its earnings results 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 firm had revenue of $2.92 million for the quarter.

Insider Activity

In other news, Director John Kevin Andersen sold 174,500 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The stock was 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 of the company’s stock, valued at $8.19. The trade was a 99.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mary Winter sold 62,000 shares of the firm’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 value of $124,620.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 241,216 shares of company stock worth $302,766. Corporate insiders own 3.63% of the company’s stock.

Hedge Funds Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC bought a new position in Mullen Automotive, Inc. (NASDAQ:MULN – Free Report) in the 3rd quarter, according to its most recent disclosure 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 about 0.34% of Mullen Automotive as of its most recent filing with the Securities & Exchange Commission. 11.71% of the stock is owned by institutional investors.

Mullen Automotive Company Profile

(Get Free Report)

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.

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