Mullen Automotive (NASDAQ:MULN) Shares Down 10.6% – Should You Sell?

Mullen Automotive, Inc. (NASDAQ:MULN) dropped 10.6% on Friday . The stock traded as low as $1.55 and last traded at $1.56. Approximately 1,191,199 shares were traded during trading, an increase of 23% from the average daily volume of 967,930 shares. The stock had previously closed at $1.74.

Mullen Automotive Stock Down 9.8 %

The stock has a 50 day moving average price of $2.41 and a 200-day moving average price of $92.53.

Institutional Investors Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC bought a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 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 quarter. Hedge funds and other institutional investors own 11.71% of the company’s stock.

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.