Mullen Automotive (NASDAQ:MULN) Stock Price Up 4% – Should You Buy?

Mullen Automotive, Inc. (NASDAQ:MULN) rose 4% on Wednesday . The company traded as high as $1.34 and last traded at $1.28. Approximately 1,660,272 shares traded hands during mid-day trading, an increase of 68% from the average daily volume of 989,162 shares. The stock had previously closed at $1.23.

Mullen Automotive Stock Performance

The stock’s 50-day moving average price is $2.37 and its 200-day moving average price is $82.42.

Institutional Investors Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC acquired a new position in Mullen Automotive, Inc. (NASDAQ:MULN) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned 0.34% of Mullen Automotive as of its most recent SEC filing. 11.71% of the stock is currently owned by hedge funds and other institutional investors.

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.