Mullen Automotive (NASDAQ:MULN) Shares Down 7.4% – Here’s What Happened

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) were down 7.4% during trading on Wednesday . The company traded as low as $2.58 and last traded at $2.76. Approximately 7,621,468 shares changed hands during mid-day trading, an increase of 817% from the average daily volume of 831,434 shares. The stock had previously closed at $2.98.

Mullen Automotive Stock Up 11.7 %

The stock has a 50-day moving average of $5.70 and a 200 day moving average of $168.50.

Mullen Automotive (NASDAQ:MULN) last posted its earnings results on Monday, August 12th. The company reported ($791.00) earnings per share (EPS) for the quarter. The firm had revenue of $0.07 million during the quarter.

Hedge Funds Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC bought a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 41,065 shares of the company’s stock, valued at approximately $214,000. Virtu Financial LLC owned approximately 0.63% of Mullen Automotive as of its most recent filing with the SEC. Hedge funds and other institutional investors own 11.71% 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.