Mullen Automotive (NASDAQ:MULN) Shares Down 19% – Should You Sell?

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price was down 19% during trading on Tuesday . The company traded as low as $0.46 and last traded at $0.49. Approximately 3,547,853 shares changed hands during mid-day trading, an increase of 458% from the average daily volume of 635,623 shares. The stock had previously closed at $0.60.

Mullen Automotive Stock Down 12.7 %

The business’s fifty day moving average price is $12.89 and its 200 day moving average price is $174.31.

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

Insider Activity at Mullen Automotive

In related news, Director John Kevin Andersen sold 174,500 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 9 shares in the company, valued at $8.19. This trade represents a 99.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mary Winter sold 62,000 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $2.01, for a total transaction of $124,620.00. The disclosure for this sale can be found here. Insiders sold a total of 241,216 shares of company stock worth $302,766 over the last 90 days. Company insiders own 3.63% of the company’s stock.

Institutional Investors Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC bought a new stake in Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned approximately 0.34% of Mullen Automotive at the end of the most recent quarter. 11.71% of the stock is owned by hedge funds and other institutional investors.

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.