Mullen Automotive (NASDAQ:MULN) Shares Down 13.7% – Should You Sell?

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price traded down 13.7% during mid-day trading on Wednesday . The company traded as low as $0.22 and last traded at $0.21. 27,349,180 shares changed hands during mid-day trading, an increase of 922% from the average session volume of 2,677,146 shares. The stock had previously closed at $0.24.

Mullen Automotive Price Performance

The business’s 50-day moving average price is $10.42 and its 200 day moving average price is $131.20.

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

Insider Activity at Mullen Automotive

In other news, Director Mary Winter sold 62,000 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $2.01, for a total value of $124,620.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John Kevin Andersen sold 174,500 shares of the firm’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total transaction of $158,795.00. Following the sale, the director now owns 9 shares in the company, valued at approximately $8.19. This trade represents a 99.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 241,216 shares of company stock valued at $302,766. Company insiders own 3.63% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC acquired a new position in Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 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. Hedge funds and other 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.