Mullen Automotive, Inc. (NASDAQ:MULN) Short Interest Up 565.1% in February

Mullen Automotive, Inc. (NASDAQ:MULN) was the target of a significant increase in short interest in February. As of February 28th, there was short interest totalling 1,110,000 shares, an increase of 565.1% from the February 13th total of 166,900 shares. Approximately 51.9% of the shares of the stock are short sold. Based on an average trading volume of 2,040,000 shares, the days-to-cover ratio is presently 0.5 days.

Mullen Automotive Price Performance

Shares of NASDAQ:MULN traded down $0.04 during midday trading on Wednesday, hitting $1.05. The company had a trading volume of 5,168,272 shares, compared to its average volume of 564,668. Mullen Automotive has a twelve month low of $0.98 and a twelve month high of $47,100.00. The business’s 50-day simple moving average is $19.56 and its 200-day simple moving average is $234.26.

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

Insider Activity

In related news, Director John Kevin Andersen sold 174,500 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total transaction of $158,795.00. Following the completion of the sale, the director now owns 9 shares of the company’s stock, valued at approximately $8.19. This represents a 99.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mary Winter sold 62,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The stock was 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 have sold a total of 241,216 shares of company stock worth $302,766 over the last quarter. 3.63% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC purchased a new stake in Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund 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 filing with the SEC. Institutional investors and hedge funds own 11.71% of the company’s stock.

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.