Mullen Automotive, Inc. (NASDAQ:MULN) Sees Significant Increase in Short Interest

Mullen Automotive, Inc. (NASDAQ:MULN) was the target of a significant growth in short interest in February. As of February 28th, there was short interest totalling 1,110,000 shares, a growth of 565.1% from the February 13th total of 166,900 shares. Based on an average daily trading volume, of 2,040,000 shares, the days-to-cover ratio is currently 0.5 days. Currently, 51.9% of the company’s shares are sold short.

Insider Activity

In other news, Director Mary Winter sold 62,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $2.01, for a total value of $124,620.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $0.91, for a total transaction of $158,795.00. Following the sale, 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. Over the last ninety days, insiders sold 241,216 shares of company stock valued at $302,766. 3.63% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position 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 13F filing with the Securities and Exchange Commission. The firm acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned approximately 0.34% of Mullen Automotive at the end of the most recent quarter. 11.71% of the stock is owned by institutional investors.

Mullen Automotive Stock Down 3.2 %

Shares of NASDAQ MULN traded down $0.04 during mid-day trading on Wednesday, hitting $1.05. The company had a trading volume of 5,168,272 shares, compared to its average volume of 564,668. The business’s 50-day simple moving average is $19.56 and its 200 day simple moving average is $234.26. Mullen Automotive has a 1-year low of $0.98 and a 1-year high of $47,100.00.

Mullen Automotive (NASDAQ:MULN) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($661.33) earnings per share (EPS) for the quarter. Mullen Automotive had a negative net margin of 12,717.94% and a negative return on equity of 2,736.27%. The company had revenue of $2.92 million during the quarter.

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.