Mullen Automotive (NASDAQ:MULN) Stock Price Down 4.7% – Here’s Why

Mullen Automotive, Inc. (NASDAQ:MULN) dropped 4.7% during mid-day trading on Friday . The stock traded as low as $2.97 and last traded at $3.05. Approximately 686,646 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 924,015 shares. The stock had previously closed at $3.20.

Mullen Automotive Stock Performance

The stock’s 50 day simple moving average is $3.35 and its 200 day simple moving average is $144.28.

Institutional Investors Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC purchased a new stake in Mullen Automotive, Inc. (NASDAQ:MULN) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 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 Securities and Exchange Commission. Hedge funds and other institutional investors own 11.71% 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.