Mullen Automotive (NASDAQ:MULN) Shares Down 4.3% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN) dropped 4.3% on Thursday . The stock traded as low as $0.39 and last traded at $0.40. Approximately 1,175,437 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 10,038,606 shares. The stock had previously closed at $0.41.

Mullen Automotive Price Performance

The stock has a 50 day moving average price of $1.47 and a 200-day moving average price of $28.92.

Institutional Investors 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 third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 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 quarter. 11.71% of the stock is currently owned by institutional investors and hedge funds.

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.