Mullen Automotive (NASDAQ:MULN) Stock Price Down 5.9% – Time to Sell?

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price dropped 5.9% during mid-day trading on Tuesday . The stock traded as low as $2.47 and last traded at $2.53. Approximately 1,259,892 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 5,670,827 shares. The stock had previously closed at $2.69.

Mullen Automotive Price Performance

The business has a 50-day simple moving average of $2.66 and a 200 day simple moving average of $112.49.

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 position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned approximately 0.34% of Mullen Automotive as of its most recent filing with the Securities & Exchange Commission. 11.71% of the stock is owned by hedge funds and other 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.