Mullen Automotive (NASDAQ:MULN) Stock Price Up 12.6% – Should You Buy?

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price shot up 12.6% during trading on Tuesday . The stock traded as high as $2.55 and last traded at $2.32. 1,193,818 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 2,886,173 shares. The stock had previously closed at $2.06.

Mullen Automotive Stock Performance

The business’s 50 day moving average price is $27.12 and its 200-day moving average price is $306.58.

Mullen Automotive (NASDAQ:MULN) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($661.33) 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 firm had revenue of $2.92 million for the quarter.

Insider Activity

In other news, Director John Kevin Andersen sold 174,500 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $0.91, for a total transaction of $158,795.00. Following the completion of the sale, the director now directly owns 9 shares in the company, valued at approximately $8.19. This represents a 99.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 179,216 shares of company stock valued at $178,146. 3.63% of the stock is owned by company insiders.

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 stake in Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 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. Institutional investors and hedge funds own 11.71% of the company’s stock.

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.