Mullen Automotive (NASDAQ:MULN) Trading Up 7.4% – Here’s What Happened

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price shot up 7.4% during mid-day trading on Monday . The stock traded as high as $7.19 and last traded at $6.89. 1,661,331 shares changed hands during mid-day trading, an increase of 577% from the average session volume of 245,286 shares. The stock had previously closed at $6.41.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of Mullen Automotive to a “hold” rating in a research note on Friday.

Mullen Automotive Stock Performance

The business’s 50 day simple moving average is $145.29 and its two-hundred day simple moving average is $282,005.37.

Mullen Automotive (NASDAQ:MULN) last released its quarterly earnings data on Tuesday, May 20th. The company reported ($48,923.00) earnings per share for the quarter. The firm had revenue of $4.95 million for the quarter. Mullen Automotive had a negative net margin of 12,717.94% and a negative return on equity of 2,736.27%.

Insider Transactions at Mullen Automotive

In other Mullen Automotive news, major shareholder Financial Lp Hrt acquired 54 shares of the business’s stock in a transaction dated Thursday, April 3rd. The stock was purchased at an average price of $800.00 per share, with a total value of $43,200.00. Following the transaction, the insider now directly owns 66 shares in the company, valued at approximately $52,800. The trade was a 450.00% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.63% 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.