Mullen Automotive (NASDAQ:MULN) Trading Down 24.6% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN) was down 24.6% during mid-day trading on Wednesday . The stock traded as low as $7.40 and last traded at $7.46. Approximately 419,291 shares were traded during mid-day trading, an increase of 48% from the average daily volume of 284,211 shares. The stock had previously closed at $9.90.

Mullen Automotive Price Performance

The firm’s 50-day moving average price is $41.43 and its 200-day moving average price is $530.36.

Mullen Automotive (NASDAQ:MULN) last issued its earnings results on Wednesday, February 19th. The company reported ($661.33) earnings per share (EPS) for the quarter.

Institutional Trading of 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) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. 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 as of its most recent SEC filing. 11.71% of the stock is 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.