Mullen Automotive (NASDAQ:MULN) Shares Down 11.5% After Insider Selling

Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped 11.5% on Wednesday after an insider sold shares in the company. The company traded as low as $1.40 and last traded at $1.46. Approximately 2,181,028 shares traded hands during trading, an increase of 424% from the average daily volume of 416,094 shares. The stock had previously closed at $1.65.

Specifically, Director Kent Puckett sold 21,000 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $5.92, for a total value of $124,320.00. Following the sale, the director now owns 1 shares in the company, valued at approximately $5.92. This trade represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Mullen Automotive to a “hold” rating in a research report on Friday, June 6th.

Mullen Automotive Price Performance

The stock has a 50-day moving average of $46.06 and a 200-day moving average of $209,964.10.

Mullen Automotive (NASDAQ:MULN) last released its quarterly earnings results on Tuesday, May 20th. The company reported ($48,923.00) earnings per share for the quarter. Mullen Automotive had a negative net margin of 4,760.68% and a negative return on equity of 2,736.27%. The firm had revenue of $4.95 million for the quarter.

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.