Short Interest in Mullen Automotive, Inc. (NASDAQ:MULN) Expands By 565.1%

Mullen Automotive, Inc. (NASDAQ:MULN) was the recipient of a significant growth in short interest in February. As of February 28th, there was short interest totalling 1,110,000 shares, a growth of 565.1% from the February 13th total of 166,900 shares. Approximately 51.9% of the company’s stock are short sold. Based on an average trading volume of 2,040,000 shares, the days-to-cover ratio is currently 0.5 days.

Insider Activity at Mullen Automotive

In related news, Director John Kevin Andersen sold 174,500 shares of Mullen Automotive 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 transaction, the director now directly owns 9 shares of the company’s stock, valued at $8.19. This trade represents a 99.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Mary Winter sold 62,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $2.01, for a total value of $124,620.00. The disclosure for this sale can be found here. Insiders sold 241,216 shares of company stock worth $302,766 over the last three months. 3.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC bought a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund 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. Institutional investors and hedge funds own 11.71% of the company’s stock.

Mullen Automotive Price Performance

MULN stock traded down $0.03 during trading on Friday, reaching $0.80. 1,759,174 shares of the company traded hands, compared to its average volume of 589,138. The business has a 50 day simple moving average of $16.95 and a 200 day simple moving average of $231.02. Mullen Automotive has a 12 month low of $0.75 and a 12 month high of $47,100.00.

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

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.