Mullen Automotive (NASDAQ:MULN) Stock Price Down 5.5% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN) shares fell 5.5% during mid-day trading on Monday . The stock traded as low as $1.81 and last traded at $2.06. 1,488,730 shares were traded during trading, an increase of 1,296% from the average session volume of 106,657 shares. The stock had previously closed at $2.18.

Mullen Automotive Stock Performance

The stock’s 50-day moving average is $313.59 and its two-hundred day moving average is $6,827.46.

Mullen Automotive (NASDAQ:MULN) last posted its earnings results on Wednesday, February 19th. The company reported ($66,133.00) earnings per share for the quarter. Mullen Automotive had a negative return on equity of 2,736.27% and a negative net margin of 12,717.94%. The company had revenue of $2.92 million for the quarter.

Insiders Place Their Bets

In other Mullen Automotive news, Director Mary Winter sold 620 shares of Mullen Automotive stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $201.00, for a total transaction of $124,620.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Financial Lp Hrt acquired 5,467 shares of the stock in a transaction dated Thursday, April 3rd. The stock was acquired at an average cost of $8.00 per share, with a total value of $43,736.00. Following the purchase, the insider now owns 6,653 shares of the company’s stock, valued at approximately $53,224. This trade represents a 460.96 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 667 shares of company stock valued at $143,911. 3.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC purchased a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 reporting period. 11.71% of the stock is owned by institutional investors.

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.