Mullen Automotive (NASDAQ:MULN) Trading Down 5.1% – What’s Next?

Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped 5.1% during trading on Wednesday . The company traded as low as $0.96 and last traded at $1.03. Approximately 1,011,798 shares were traded during mid-day trading, an increase of 85% from the average daily volume of 547,831 shares. The stock had previously closed at $1.08.

Mullen Automotive Price Performance

The stock’s 50-day moving average is $16.95 and its 200 day moving average is $231.02.

Mullen Automotive (NASDAQ:MULN) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($661.33) 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 firm had revenue of $2.92 million during the quarter.

Insiders Place Their Bets

In related news, Director Mary Winter sold 62,000 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Kevin Andersen sold 174,500 shares of the firm’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 owns 9 shares of the company’s stock, valued at $8.19. This trade represents a 99.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 241,216 shares of company stock worth $302,766. Corporate insiders own 3.63% of the company’s stock.

Institutional Investors Weigh In On Mullen Automotive

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 Form 13F filing with the Securities & Exchange Commission. The firm acquired 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 reporting period. 11.71% of the stock is currently owned by hedge funds and other institutional investors.

Mullen Automotive Company Profile

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.