Mullen Automotive (NASDAQ:MULN) Stock Price Up 13.3% – Still a Buy?

Mullen Automotive, Inc. (NASDAQ:MULN) shares shot up 13.3% on Tuesday . The stock traded as high as $1.46 and last traded at $1.25. 26,206,906 shares were traded during mid-day trading, an increase of 2,044% from the average session volume of 1,222,070 shares. The stock had previously closed at $1.10.

Mullen Automotive Price Performance

The business’s 50 day moving average price is $2.11 and its 200-day moving average price is $59.25.

Institutional Inflows and Outflows

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 third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned about 0.34% of Mullen Automotive as of its most recent SEC filing. 11.71% of the stock is 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.