Mullen Automotive (NASDAQ:MULN) Trading Down 10.7% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN) dropped 10.7% during trading on Tuesday . The stock traded as low as $0.05 and last traded at $0.05. Approximately 42,902,312 shares changed hands during trading, an increase of 524% from the average daily volume of 6,880,734 shares. The stock had previously closed at $0.06.

Mullen Automotive Trading Down 15.0 %

The business has a 50-day moving average price of $5.75 and a two-hundred day moving average price of $81.96.

Mullen Automotive (NASDAQ:MULN) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($661.33) earnings per share for the quarter. The business 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%.

Insider Buying and Selling at Mullen Automotive

In other news, major shareholder Financial Lp Hrt bought 546,706 shares of Mullen Automotive stock in a transaction dated Thursday, April 3rd. The stock was purchased at an average price of $0.08 per share, for a total transaction of $43,736.48. Following the purchase, the insider now directly owns 665,392 shares in the company, valued at $53,231.36. The trade was a 460.63 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary Winter sold 62,000 shares of the firm’s stock in a transaction dated 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. In the last quarter, insiders sold 66,716 shares of company stock worth $143,971. Insiders own 3.63% of the company’s stock.

Institutional Trading of Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC acquired a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 0.34% of Mullen Automotive at the end of the most recent quarter. 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.