Mullen Automotive (NASDAQ:MULN) Trading Down 14.3% – Should You Sell?

Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped 14.3% during mid-day trading on Tuesday . The company traded as low as $9.51 and last traded at $10.13. Approximately 238,277 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 272,154 shares. The stock had previously closed at $11.82.

Mullen Automotive Stock Down 16.2 %

The stock has a fifty day moving average price of $41.43 and a 200-day moving average price of $530.36.

Institutional Trading of Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC purchased a new position in Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 institutional investors and hedge funds.

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.