Mullen Automotive, Inc. (NASDAQ:MULN) Sees Significant Decrease in Short Interest

Mullen Automotive, Inc. (NASDAQ:MULN) was the target of a significant drop in short interest in February. As of February 15th, there was short interest totalling 166,900 shares, a drop of 97.8% from the January 31st total of 7,590,000 shares. Based on an average daily volume of 1,720,000 shares, the short-interest ratio is presently 0.1 days. Currently, 19.4% of the company’s stock are short sold.

Insider Activity at Mullen Automotive

In other Mullen Automotive news, Director John Kevin Andersen sold 174,500 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $0.91, for a total transaction of $158,795.00. Following the sale, the director now directly owns 9 shares of the company’s stock, valued at $8.19. The trade was a 99.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 179,216 shares of company stock valued at $178,146. Corporate insiders own 3.63% of the company’s stock.

Hedge Funds Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC purchased a new position in Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned approximately 0.34% of Mullen Automotive at the end of the most recent quarter. 11.71% of the stock is owned by hedge funds and other institutional investors.

Mullen Automotive Stock Performance

Shares of NASDAQ MULN opened at $2.57 on Friday. The company’s 50 day moving average price is $29.74 and its 200-day moving average price is $372.46. Mullen Automotive has a 52-week low of $2.29 and a 52-week high of $47,100.00.

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

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.