Mullen Automotive (NASDAQ:MULN) Stock Price Down 11.4% on Insider Selling

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price dropped 11.4% during trading on Friday following insider selling activity. The company traded as low as $4.58 and last traded at $4.55. Approximately 449,430 shares changed hands during mid-day trading, an increase of 33% from the average daily volume of 336,780 shares. The stock had previously closed at $5.14.

Specifically, 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 completion of the transaction, the director now owns 9 shares of the company’s stock, valued at $8.19. This represents a 99.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John Kevin Andersen sold 13,334 shares of the company’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $6.77, for a total value of $90,271.18. Following the transaction, the director now directly owns 5 shares of the company’s stock, valued at approximately $33.85. This trade represents a 99.96 % decrease in their position. The disclosure for this sale can be found here.

Mullen Automotive Stock Performance

The business has a 50-day simple moving average of $35.68 and a two-hundred day simple moving average of $460.56.

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

Institutional Investors Weigh In On Mullen Automotive

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