Mullen Automotive (NASDAQ:MULN) Trading Down 12.1% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price dropped 12.1% during mid-day trading on Monday . The company traded as low as $2.41 and last traded at $2.46. Approximately 1,671,727 shares changed hands during mid-day trading, an increase of 262% from the average daily volume of 462,022 shares. The stock had previously closed at $2.80.

Mullen Automotive Stock Performance

The company has a 50-day moving average of $11.72 and a 200 day moving average of $195.05.

Mullen Automotive (NASDAQ:MULN) last issued its earnings results on Monday, August 12th. The company reported ($791.00) earnings per share (EPS) for the quarter. The business had revenue of $0.07 million during 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 first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 41,065 shares of the company’s stock, valued at approximately $214,000. Virtu Financial LLC owned 0.63% of Mullen Automotive at the end of the most recent quarter. 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.