Mullen Automotive (NASDAQ:MULN) Shares Down 5.5% – Here’s What Happened

Shares of Mullen Automotive, Inc. (NASDAQ:MULN) were down 5.5% during trading on Wednesday . The company traded as low as $1.70 and last traded at $1.72. Approximately 576,282 shares were traded during trading, a decline of 39% from the average daily volume of 951,677 shares. The stock had previously closed at $1.82.

Mullen Automotive Stock Performance

The company’s fifty day simple moving average is $2.41 and its two-hundred day simple moving average is $92.53.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC bought a new position in Mullen Automotive, Inc. (NASDAQ:MULN) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned approximately 0.34% of Mullen Automotive at the end of the most recent reporting period. 11.71% of the stock is currently owned by institutional investors and hedge funds.

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.