Mullen Automotive (NASDAQ:MULN) Stock Price Down 11.4% on Insider Selling

Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped 11.4% during trading on Friday after an insider sold shares in the company. The company traded as low as $4.58 and last traded at $4.55. Approximately 449,430 shares were traded during trading, an increase of 33% from the average daily volume of 336,780 shares. The stock had previously closed at $5.14.

Specifically, Director John Kevin Andersen sold 174,500 shares of the stock in a transaction 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 owns 9 shares in the company, valued at approximately $8.19. This represents a 99.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Kevin Andersen sold 13,334 shares of the stock in a transaction on Friday, January 26th. The shares were sold at an average price of $6.77, for a total value of $90,271.18. Following the completion of the sale, the director now owns 5 shares in the company, valued at approximately $33.85. This trade represents a 99.96 % decrease in their position. The disclosure for this sale can be found here.

Mullen Automotive Stock Down 20.4 %

The business has a 50 day moving average of $35.68 and a two-hundred day moving average of $460.56.

Mullen Automotive (NASDAQ:MULN) last posted its quarterly 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 business had revenue of $2.92 million during the quarter.

Institutional Investors Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC acquired a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 0.34% of Mullen Automotive at the end of the most recent reporting period. 11.71% of the stock is owned by 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.