Mullen Automotive (NASDAQ:MULN) Shares Down 5.6% – Should You Sell?

Mullen Automotive, Inc. (NASDAQ:MULN) shares traded down 5.6% during mid-day trading on Monday . The stock traded as low as $0.36 and last traded at $0.42. 6,897,283 shares were traded during mid-day trading, a decline of 41% from the average session volume of 11,627,287 shares. The stock had previously closed at $0.44.

Mullen Automotive Price Performance

The stock’s 50-day simple moving average is $1.78 and its 200 day simple moving average is $39.27.

Hedge Funds Weigh In On Mullen Automotive

A hedge fund recently bought a new stake in Mullen Automotive stock. Virtu Financial LLC purchased a new position in shares of Mullen Automotive, Inc. (NASDAQ:MULN) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned approximately 0.34% of Mullen Automotive as of its most recent SEC filing. Institutional investors and hedge funds 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.