Mullen Automotive (NASDAQ:MULN) Shares Down 2.8% – Time to Sell?

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price traded down 2.8% during trading on Tuesday . The stock traded as low as $5.85 and last traded at $5.81. 963,601 shares traded hands during trading, an increase of 278% from the average session volume of 254,841 shares. The stock had previously closed at $5.97.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Mullen Automotive to a “hold” rating in a research report on Friday.

Mullen Automotive Price Performance

The business has a 50 day moving average price of $124.81 and a 200 day moving average price of $269,711.70.

Mullen Automotive (NASDAQ:MULN) last posted its earnings results on Tuesday, May 20th. The company reported ($48,923.00) earnings per share for the quarter. Mullen Automotive had a negative return on equity of 2,736.27% and a negative net margin of 12,717.94%. The firm had revenue of $4.95 million during the quarter.

Insider Buying and Selling

In other Mullen Automotive news, major shareholder Financial Lp Hrt purchased 54 shares of the stock in a transaction on Thursday, April 3rd. The stock was bought at an average cost of $800.00 per share, for a total transaction of $43,200.00. Following the completion of the acquisition, the insider now directly owns 66 shares of the company’s stock, valued at $52,800. The trade was a 450.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.63% of the stock is currently owned by company insiders.

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.