Mullen Automotive (NASDAQ:MULN) Stock Price Down 13.2% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN) dropped 13.2% on Tuesday . The stock traded as low as $1.02 and last traded at $1.09. Approximately 1,135,089 shares changed hands during mid-day trading, an increase of 111% from the average daily volume of 538,409 shares. The stock had previously closed at $1.25.

Mullen Automotive Stock Down 21.9 %

The firm has a 50 day moving average price of $18.14 and a two-hundred day moving average price of $232.63.

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

In other Mullen Automotive news, Director Mary Winter sold 62,000 shares of the company’s stock in a transaction that occurred on 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 document filed with the SEC, which is available through this hyperlink. Also, Director John Kevin Andersen sold 174,500 shares of the company’s stock in a transaction that occurred on 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 directly owns 9 shares in the company, valued at approximately $8.19. The trade was a 99.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 241,216 shares of company stock valued at $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 purchased a new stake in Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to its most recent filing with the SEC. The fund 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 quarter. 11.71% of the stock is currently owned by hedge funds and other 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.