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

Mullen Automotive, Inc. (NASDAQ:MULN) fell 15% on Monday following insider selling activity. The stock traded as low as $3.41 and last traded at $3.41. 417,724 shares were traded during mid-day 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 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 of the company’s stock, 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 link. Also, Director John Kevin Andersen sold 13,334 shares of Mullen Automotive stock in a transaction on Friday, January 26th. The shares were sold at an average price of $6.77, for a total value of $90,271.18. Following the transaction, the director now directly owns 5 shares of the company’s stock, valued at approximately $33.85. The trade was a 99.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Mullen Automotive Stock Performance

The stock has a fifty day simple moving average of $34.04 and a 200-day simple moving average of $402.89.

Mullen Automotive (NASDAQ:MULN) last released 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 net margin of 12,717.94% and a negative return on equity of 2,736.27%. The business had revenue of $2.92 million during the quarter.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC purchased a new stake in Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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. 11.71% of the stock is currently owned by institutional investors and hedge funds.

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.