Mullen Automotive (NASDAQ:MULN) Stock Price Down 13.2% – Should You Sell?

Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped 13.2% during trading on Monday . The stock traded as low as $1.62 and last traded at $1.74. Approximately 2,122,676 shares traded hands during trading, an increase of 556% from the average daily volume of 323,645 shares. The stock had previously closed at $2.00.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Mullen Automotive to a “hold” rating in a report on Friday, June 6th.

Mullen Automotive Stock Up 11.8%

The stock has a 50 day moving average price of $71.84 and a 200-day moving average price of $224,187.34.

Mullen Automotive (NASDAQ:MULN) last released its quarterly earnings results on Tuesday, May 20th. The company reported ($48,923.00) 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 company had revenue of $4.95 million for the quarter.

Insider Activity

In other 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, for a total transaction of $43,200.00. Following the completion of the transaction, the insider now directly owns 66 shares in the company, valued at approximately $52,800. This trade represents a 450.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.63% of the company’s stock.

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.