Mullen Automotive (NASDAQ:MULN) Shares Down 5.9% – What’s Next?

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) dropped 5.9% during mid-day trading on Tuesday . The company traded as low as $2.47 and last traded at $2.53. Approximately 1,259,892 shares traded hands during trading, a decline of 78% from the average daily volume of 5,670,827 shares. The stock had previously closed at $2.69.

Mullen Automotive Stock Performance

The stock has a 50-day simple moving average of $2.56 and a 200-day simple moving average of $108.34.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC purchased a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 0.34% of Mullen Automotive as of its most recent filing with the Securities and Exchange Commission. 11.71% of the stock is 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.