Mullen Automotive (NASDAQ:MULN) Trading Down 8.4%

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) fell 8.4% during mid-day trading on Friday . The stock traded as low as $0.21 and last traded at $0.22. 24,655,236 shares traded hands during trading, an increase of 136% from the average session volume of 10,430,288 shares. The stock had previously closed at $0.24.

Mullen Automotive Price Performance

The firm’s 50-day moving average is $1.29 and its 200 day moving average is $3.63.

Insider Buying and Selling

In other news, insider Calin Popa sold 23,223 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $3.10, for a total transaction of $71,991.30. Following the completion of the transaction, the insider now directly owns 286,506 shares of the company’s stock, valued at approximately $888,168.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC purchased a new stake in Mullen Automotive, Inc. (NASDAQ:MULN) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 41,065 shares of the company’s stock, valued at approximately $214,000. Virtu Financial LLC owned about 0.63% of Mullen Automotive at the end of the most recent reporting period. Hedge funds and other institutional investors own 11.71% of the company’s stock.

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.