Mullen Automotive (NASDAQ:MULN) Trading Down 6.2% – What’s Next?

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price dropped 6.2% on Tuesday . The company traded as low as $0.85 and last traded at $0.90. Approximately 3,640,841 shares traded hands during trading, a decline of 60% from the average daily volume of 9,164,441 shares. The stock had previously closed at $0.95.

Mullen Automotive Stock Performance

The company’s 50 day moving average price is $1.95 and its 200-day moving average price is $50.06.

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) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 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 SEC filing. 11.71% of the stock is currently 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.