Mullen Automotive (NASDAQ:MULN) Shares Down 11.4% Following Insider Selling

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price fell 11.4% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $4.58 and last traded at $4.55. 449,430 shares were traded during mid-day trading, an increase of 33% from the average session volume of 336,780 shares. The stock had previously closed at $5.14.

Specifically, Director John Kevin Andersen sold 174,500 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $0.91, for a total transaction of $158,795.00. Following the sale, the director now directly owns 9 shares in the company, valued at approximately $8.19. This trade represents a 99.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John Kevin Andersen sold 13,334 shares of the company’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $6.77, for a total value of $90,271.18. Following the completion of the transaction, the director now owns 5 shares of the company’s stock, valued at approximately $33.85. This represents a 99.96 % decrease in their position. The disclosure for this sale can be found here.

Mullen Automotive Stock Performance

The business’s 50 day moving average price is $35.68 and its 200-day moving average price is $460.56.

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

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC purchased a new position in Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm 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. Institutional investors 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.