Mullen Automotive (NASDAQ:MULN) Trading Down 7%

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price dropped 7% during mid-day trading on Tuesday . The stock traded as low as $5.05 and last traded at $5.61. Approximately 2,382,011 shares were traded during trading, a decline of 12% from the average daily volume of 2,706,348 shares. The stock had previously closed at $6.03.

Mullen Automotive Trading Down 4.8 %

The firm has a fifty day simple moving average of $4.87 and a 200-day simple moving average of $11.03.

Mullen Automotive (NASDAQ:MULN) last posted its quarterly earnings data on Tuesday, February 13th. The company reported ($15.32) earnings per share for the quarter.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Mullen Automotive stock. Bank of New York Mellon Corp boosted its stake in Mullen Automotive, Inc. (NASDAQ:MULN) by 1,064.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 263,844 shares of the company’s stock after purchasing an additional 241,190 shares during the period. Bank of New York Mellon Corp owned about 0.14% of Mullen Automotive worth $120,000 at the end of the most recent reporting period. 11.71% of the stock is currently owned by hedge funds and other 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.