Mullen Automotive (NASDAQ:MULN) Trading Down 5.4% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN) traded down 5.4% during mid-day trading on Friday . The company traded as low as $0.15 and last traded at $0.16. 17,893,041 shares traded hands during mid-day trading, an increase of 319% from the average session volume of 4,268,429 shares. The stock had previously closed at $0.17.

Mullen Automotive Stock Down 3.3%

The stock has a fifty day moving average of $5.85 and a 200-day moving average of $3,994.21.

Mullen Automotive (NASDAQ:MULN) last issued its quarterly earnings results on Tuesday, May 20th. The company reported ($489.23) earnings per share 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 $4.95 million for the quarter.

Insider Activity

In other Mullen Automotive news, major shareholder Financial Lp Hrt purchased 5,467 shares of the stock in a transaction dated Thursday, April 3rd. The shares were acquired at an average price of $8.00 per share, for a total transaction of $43,736.00. Following the completion of the acquisition, the insider now owns 6,653 shares of the company’s stock, valued at $53,224. This represents a 460.96% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Winter sold 620 shares of Mullen Automotive stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $201.00, for a total value of $124,620.00. The disclosure for this sale can be found here. 3.63% of the stock is currently owned by corporate insiders.

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.