Mullen Automotive (NASDAQ:MULN) Stock Price Up 29.4% – Still a Buy?

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price traded up 29.4% during trading on Tuesday . The company traded as high as $2.46 and last traded at $2.21. 6,420,029 shares changed hands during trading, an increase of 1,109% from the average session volume of 531,130 shares. The stock had previously closed at $1.71.

Mullen Automotive Price Performance

The company’s 50 day simple moving average is $5.33 and its 200 day simple moving average is $167.35.

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

Institutional Trading of Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC acquired a new stake in shares of Mullen Automotive, Inc. (NASDAQ:MULN) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 41,065 shares of the company’s stock, valued at approximately $214,000. Virtu Financial LLC owned about 0.63% of Mullen Automotive as of its most recent SEC filing. 11.71% of the stock is currently owned by hedge funds and other institutional investors.

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.