Mullen Automotive (NASDAQ:MULN) Shares Down 19.6% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN) traded down 19.6% on Thursday . The stock traded as low as $0.65 and last traded at $0.67. 11,038,900 shares traded hands during mid-day trading, an increase of 3% from the average session volume of 10,724,889 shares. The stock had previously closed at $0.83.

Mullen Automotive Stock Down 33.1 %

The company’s 50 day simple moving average is $1.86 and its 200 day simple moving average is $47.52.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC bought a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned about 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.

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.