Mullen Automotive (NASDAQ:MULN) Stock Price Up 13.8% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN) shares traded up 13.8% during trading on Thursday . The stock traded as high as $0.35 and last traded at $0.35. 6,476,192 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 15,271,905 shares. The stock had previously closed at $0.30.

Mullen Automotive Stock Performance

The firm has a 50 day simple moving average of $0.76 and a two-hundred day simple moving average of $11.77.

Mullen Automotive shares are scheduled to reverse split before the market opens on Tuesday, February 18th. The 1-60 reverse split was announced on Thursday, February 13th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, February 17th.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC bought a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to its most recent Form 13F filing 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 reporting period. 11.71% of the stock is currently owned by institutional investors.

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.