Mullen Automotive (NASDAQ:MULN) Stock Price Down 8.1% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price fell 8.1% on Wednesday . The company traded as low as $2.66 and last traded at $2.71. 737,960 shares traded hands during mid-day trading, an increase of 69% from the average session volume of 436,193 shares. The stock had previously closed at $2.95.

Mullen Automotive Stock Performance

The business’s 50 day simple moving average is $13.54 and its two-hundred day simple moving average is $203.53.

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 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 1st quarter, according to its most recent 13F 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 as of its most recent filing with the Securities and Exchange Commission. 11.71% of the stock is 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.