Mullen Automotive (NASDAQ:MULN) Shares Up 19.3%

Mullen Automotive, Inc. (NASDAQ:MULN)’s share price shot up 19.3% during mid-day trading on Friday . The company traded as high as $0.72 and last traded at $0.68. 171,699,954 shares traded hands during mid-day trading, an increase of 609% from the average session volume of 24,230,941 shares. The stock had previously closed at $0.57.

Mullen Automotive Trading Up 19.3 %

The firm has a market cap of $125.23 million, a P/E ratio of 0.00 and a beta of 2.29. The business’s fifty day simple moving average is $0.93 and its 200-day simple moving average is $11.74.

Mullen Automotive (NASDAQ:MULN) last announced its earnings results on Monday, August 14th. The company reported ($1.62) earnings per share for the quarter. The firm had revenue of $0.31 million for the quarter.

Insider Buying and Selling

In other Mullen Automotive news, CEO David Michery acquired 102,040 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The shares were acquired at an average price of $0.98 per share, with a total value of $99,999.20. Following the completion of the purchase, the chief executive officer now directly owns 1,322,083 shares of the company’s stock, valued at approximately $1,295,641.34. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 77.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MULN. JPMorgan Chase & Co. purchased a new position in Mullen Automotive in the first quarter worth about $46,000. Citigroup Inc. purchased a new position in Mullen Automotive in the first quarter worth about $767,000. BlackRock Inc. raised its holdings in shares of Mullen Automotive by 249.8% during the first quarter. BlackRock Inc. now owns 682,525 shares of the company’s stock valued at $2,035,000 after purchasing an additional 487,424 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Mullen Automotive by 475.9% during the first quarter. Vanguard Group Inc. now owns 1,082,717 shares of the company’s stock valued at $3,227,000 after purchasing an additional 894,716 shares during the last quarter. Finally, XTX Topco Ltd raised its holdings in shares of Mullen Automotive by 151.5% during the first quarter. XTX Topco Ltd now owns 34,651 shares of the company’s stock valued at $103,000 after purchasing an additional 20,873 shares during the last quarter. 22.67% of the stock is owned by hedge funds and other institutional investors.

Mullen Automotive Company Profile

Mullen Automotive, Inc, an electric vehicle company, manufactures 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.