Mullen Automotive (NASDAQ:MULN) Trading Down 12.5% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN) shares traded down 12.5% on Friday . The company traded as low as $2.50 and last traded at $2.59. 625,402 shares traded hands during trading, a decline of 79% from the average session volume of 2,941,512 shares. The stock had previously closed at $2.96.

Mullen Automotive Stock Down 13.2 %

The business’s 50 day moving average price is $28.37 and its 200-day moving average price is $334.45.

Mullen Automotive (NASDAQ:MULN) 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 net margin of 12,717.94% and a negative return on equity of 2,736.27%. The company had revenue of $2.92 million during the quarter.

Insider Activity at Mullen Automotive

In other news, Director John Kevin Andersen sold 174,500 shares of the firm’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 value of $158,795.00. Following the completion of the transaction, the director now owns 9 shares of the company’s stock, valued at approximately $8.19. This trade represents a 99.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 179,216 shares of company stock worth $178,146. 3.63% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC purchased a new position in Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned approximately 0.34% of Mullen Automotive as of its most recent SEC filing. Institutional investors 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.