Mullen Automotive (NASDAQ:MULN) Trading Down 14.2% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price dropped 14.2% during mid-day trading on Friday . The stock traded as low as $6.75 and last traded at $6.96. Approximately 1,850,801 shares were traded during trading, an increase of 719% from the average daily volume of 226,052 shares. The stock had previously closed at $8.11.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded shares of Mullen Automotive to a “hold” rating in a research report on Friday.

Mullen Automotive Stock Down 21.0%

The stock’s 50 day simple moving average is $145.29 and its two-hundred day simple moving average is $293,422.00.

Mullen Automotive (NASDAQ:MULN) last announced its quarterly earnings data on Tuesday, May 20th. The company reported ($48,923.00) earnings per share (EPS) 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 $4.95 million for the quarter.

Insider Activity

In other news, major shareholder Financial Lp Hrt purchased 54 shares of the business’s stock in a transaction dated Thursday, April 3rd. The shares were purchased at an average cost of $800.00 per share, with a total value of $43,200.00. Following the completion of the purchase, the insider now owns 66 shares of the company’s stock, valued at $52,800. This trade represents a 450.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 3.63% 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.