Mullen Automotive (NASDAQ:MULN) Stock Price Down 11.5% Following Insider Selling

Mullen Automotive, Inc. (NASDAQ:MULN)’s stock price dropped 11.5% during trading on Wednesday following insider selling activity. The company traded as low as $1.40 and last traded at $1.46. Approximately 2,181,028 shares changed hands during mid-day 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 company’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $5.92, for a total transaction of $124,320.00. Following the completion of the transaction, the director now directly owns 1 shares in the company, valued at $5.92. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

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

Mullen Automotive Trading Down 20.0%

The business has a 50-day moving average price of $38.89 and a 200-day moving average price of $199,495.14.

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

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.