Mullen Automotive (NASDAQ:MULN) Trading Down 10.3% – Here’s What Happened

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) were down 10.3% on Tuesday . The company traded as low as $2.23 and last traded at $2.27. Approximately 1,433,139 shares were traded during mid-day trading, an increase of 294% from the average daily volume of 363,545 shares. The stock had previously closed at $2.53.

Mullen Automotive Stock Performance

The company has a 50-day simple moving average of $1.88 and a two-hundred day simple moving average of $2.82.

Mullen Automotive (NASDAQ:MULN) last issued its earnings results on Monday, August 12th. The company reported ($7.91) earnings per share for the quarter. The company had revenue of $0.07 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 stake in Mullen Automotive, Inc. (NASDAQ:MULN) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 41,065 shares of the company’s stock, valued at approximately $214,000. Virtu Financial LLC owned about 0.63% of Mullen Automotive as of its most recent SEC filing. Institutional investors own 11.71% of the company’s stock.

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.