Mullen Automotive (NASDAQ:MULN) Shares Up 1.9% – Should You Buy?

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price shot up 1.9% during mid-day trading on Friday . The company traded as high as $2.84 and last traded at $2.73. 373,139 shares traded hands during trading, a decline of 60% from the average session volume of 933,711 shares. The stock had previously closed at $2.68.

Mullen Automotive Stock Performance

The company’s 50 day moving average is $2.73 and its 200-day moving average is $122.96.

Hedge Funds Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC purchased a new position in Mullen Automotive, Inc. (NASDAQ:MULN) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 (SEC). 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.