Mullen Automotive (NASDAQ:MULN) Shares Down 19.3% – Time to Sell?

Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped 19.3% on Monday . The company traded as low as $1.30 and last traded at $1.24. Approximately 727,920 shares were traded during trading, an increase of 37% from the average daily volume of 532,827 shares. The stock had previously closed at $1.53.

Mullen Automotive Price Performance

The firm’s 50-day simple moving average is $22.27 and its 200-day simple moving average is $263.61.

Mullen Automotive (NASDAQ:MULN) last announced 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 during the quarter. Mullen Automotive had a negative net margin of 12,717.94% and a negative return on equity of 2,736.27%.

Insider Activity

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. Also, Director Mary Winter sold 62,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $2.01, for a total transaction of $124,620.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 241,216 shares of company stock worth $302,766. Company insiders own 3.63% of the company’s stock.

Hedge Funds Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC acquired a new position in Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 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.