Mullen Automotive, Inc. (NASDAQ:MULN) Sees Large Drop in Short Interest

Mullen Automotive, Inc. (NASDAQ:MULN) was the target of a significant drop in short interest in February. As of February 15th, there was short interest totalling 166,900 shares, a drop of 97.8% from the January 31st total of 7,590,000 shares. Based on an average daily volume of 1,720,000 shares, the days-to-cover ratio is currently 0.1 days. Currently, 19.4% of the shares of the stock are sold short.

Mullen Automotive Stock Down 13.2 %

Shares of MULN opened at $2.57 on Friday. The firm’s 50 day simple moving average is $29.74 and its 200 day simple moving average is $372.46. Mullen Automotive has a 1-year low of $2.29 and a 1-year high of $47,100.00.

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

Insider Activity at Mullen Automotive

In related 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 sale, the director now directly owns 9 shares of the company’s stock, 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 SEC, which is available through the SEC website. Insiders have sold 179,216 shares of company stock valued at $178,146 over the last three months. 3.63% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC bought a new position in Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to the company in its most recent 13F filing 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 about 0.34% of Mullen Automotive as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds 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.