Mullen Automotive (NASDAQ:MULN) Trading Down 19.8% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN) fell 19.8% during trading on Tuesday . The company traded as low as $1.46 and last traded at $1.48. 1,980,668 shares were traded during mid-day trading, an increase of 1,542% from the average session volume of 120,652 shares. The stock had previously closed at $1.84.

Mullen Automotive Price Performance

The business has a 50-day simple moving average of $344.65 and a 200 day simple moving average of $6,875.19.

Mullen Automotive (NASDAQ:MULN) last announced its earnings results on Wednesday, February 19th. The company reported ($66,133.00) 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 company had revenue of $2.92 million during the quarter.

Insider Transactions at Mullen Automotive

In other news, Director Mary Winter sold 620 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $201.00, for a total value of $124,620.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Financial Lp Hrt acquired 5,467 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The shares were purchased at an average price of $8.00 per share, with a total value of $43,736.00. Following the acquisition, the insider now owns 6,653 shares of the company’s stock, valued at approximately $53,224. This represents a 460.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 667 shares of company stock worth $143,911 over the last three months. 3.63% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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 third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned about 0.34% of Mullen Automotive at the end of the most recent reporting period. 11.71% of the stock is currently 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.