Mullen Automotive (NASDAQ:MULN) Stock Price Down 19.8% – Here’s Why

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) were down 19.8% during mid-day trading on Tuesday . The stock traded as low as $1.46 and last traded at $1.48. Approximately 1,980,668 shares were traded during mid-day trading, an increase of 1,542% from the average daily volume of 120,652 shares. The stock had previously closed at $1.84.

Mullen Automotive Stock Performance

The company’s 50-day moving average is $344.65 and its two-hundred day moving average is $6,875.19.

Mullen Automotive (NASDAQ:MULN) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($66,133.00) 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 firm had revenue of $2.92 million for the quarter.

Insider Transactions at Mullen Automotive

In other news, major shareholder Financial Lp Hrt purchased 5,467 shares of the company’s stock in a transaction dated Thursday, April 3rd. The stock was bought at an average cost of $8.00 per share, for a total transaction of $43,736.00. Following the purchase, the insider now owns 6,653 shares of the company’s stock, valued at approximately $53,224. The trade was a 460.96 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Winter sold 620 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $201.00, for a total value of $124,620.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 667 shares of company stock valued at $143,911. 3.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC purchased a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 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 & Exchange Commission. 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.