Mullen Automotive (NASDAQ:MULN) Stock Price Down 23.5% – Time to Sell?

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price was down 23.5% on Tuesday . The company traded as low as $2.36 and last traded at $2.50. Approximately 883,975 shares changed hands during mid-day trading, an increase of 118% from the average daily volume of 404,803 shares. The stock had previously closed at $3.27.

Mullen Automotive Price Performance

The stock has a 50-day moving average of $34.04 and a two-hundred day moving average of $402.89.

Mullen Automotive (NASDAQ:MULN) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($661.33) 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 business had revenue of $2.92 million for the quarter.

Insiders Place Their Bets

In other Mullen Automotive news, Director John Kevin Andersen sold 174,500 shares of Mullen Automotive stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $0.91, for a total value of $158,795.00. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.60% 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 acquired a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 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.

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.