Mullen Automotive (NASDAQ:MULN) Stock Price Down 19% – Time to Sell?

Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped 19% during trading on Tuesday . The stock traded as low as $0.46 and last traded at $0.49. Approximately 3,547,853 shares were traded during mid-day trading, an increase of 458% from the average daily volume of 635,623 shares. The stock had previously closed at $0.60.

Mullen Automotive Trading Down 23.5 %

The company has a 50-day moving average of $14.66 and a two-hundred day moving average of $184.62.

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

In other news, Director Mary Winter sold 62,000 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $2.01, for a total value of $124,620.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John Kevin Andersen sold 174,500 shares of the business’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total value of $158,795.00. Following the completion of the transaction, the director now owns 9 shares in the company, valued at $8.19. The trade was a 99.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 241,216 shares of company stock worth $302,766. Corporate 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 stake in Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned approximately 0.34% of Mullen Automotive as of its most recent SEC filing. Hedge funds and other institutional investors 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.