Mullen Automotive, Inc. (NASDAQ:MULN) experienced a 2% decrease in its shares during Friday’s trading, with the stock hitting as low as $2.46 and closing at $2.49. There was a significant decline in the number of shares traded, with only 260,484 shares exchanged, marking a 91% decrease from the average daily volume of 2,826,209 shares.
In addition, the stock’s 50-day moving average price is reported to be $3.99, while its 200-day moving average price is $6.44. This signals a 5.5% drop in the company’s stock value.
Mullen Automotive (NASDAQ:MULN) released its earnings results on Tuesday, May 14th, reporting an EPS of ($19.39) for the quarter, with a revenue of $0.02 million.
On a related note, there has been recent activity from institutional investors in the trading of Mullen Automotive stock. FNY Investment Advisers LLC made a significant move by acquiring 2,700 shares of the company’s stock, amounting to approximately $38,000. This acquisition represents 0.07% ownership of Mullen Automotive by FNY Investment Advisers LLC, and institutional investors hold a total of 11.71% of the company’s stock.
Headquartered in Brea, California, Mullen Automotive, Inc. specializes in the manufacturing, sales, and distribution of electric vehicles, including passenger electric vehicles and commercial vehicles, as well as solid-state polymer battery technology.
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In conclusion, Mullen Automotive is facing a period of decline in its stock value following a trading decrease and recent institutional investor activity. As the company continues to navigate these challenges, investors are encouraged to stay informed about market developments and take appropriate actions to manage their investments effectively.