Mullen Automotive (NASDAQ:MULN) Stock Price Down 15% Following Insider Selling

Mullen Automotive, Inc. (NASDAQ:MULN) traded down 15% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $3.41 and last traded at $3.41. 417,724 shares changed hands during trading, an increase of 13% from the average session volume of 368,967 shares. The stock had previously closed at $4.01.

Specifically, 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 transaction of $158,795.00. Following the completion of the transaction, the director now directly owns 9 shares in the company, valued at approximately $8.19. This trade represents a 99.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Kevin Andersen sold 13,334 shares of the firm’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $6.77, for a total transaction of $90,271.18. Following the sale, the director now directly owns 5 shares in the company, valued at $33.85. The trade was a 99.96 % decrease in their position. The disclosure for this sale can be found here.

Mullen Automotive Price Performance

The business’s fifty day simple moving average is $32.62 and its two-hundred day simple moving average is $377.66.

Mullen Automotive (NASDAQ:MULN) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($661.33) 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 business had revenue of $2.92 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 purchased a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 SEC filing. Institutional investors and hedge funds 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.