Mullen Automotive (NASDAQ:MULN) Shares Up 66.2% – Time to Buy?

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price rose 66.2% during trading on Wednesday . The company traded as high as $5.68 and last traded at $3.92. Approximately 47,780,190 shares changed hands during mid-day trading, an increase of 3,172% from the average daily volume of 1,460,307 shares. The stock had previously closed at $2.36.

Mullen Automotive Stock Performance

The business has a 50 day simple moving average of $32.62 and a 200-day simple moving average of $377.66.

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

Insiders Place Their Bets

In other Mullen Automotive news, Director John Kevin Andersen sold 174,500 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total transaction of $158,795.00. Following the transaction, the director now directly owns 9 shares in the company, valued at $8.19. This represents a 99.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.60% of the stock is owned by corporate insiders.

Institutional Trading of Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC bought a new stake in Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned about 0.34% of Mullen Automotive as of its most recent SEC filing. Institutional investors own 11.71% of the company’s stock.

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.