Mullen Automotive, Inc. (NASDAQ:MULN) Sees Significant Increase in Short Interest

Mullen Automotive, Inc. (NASDAQ:MULNGet Rating) was the recipient of a large growth in short interest during the month of July. As of July 15th, there was short interest totalling 59,670,000 shares, a growth of 16.7% from the June 30th total of 51,120,000 shares. Currently, 13.7% of the company’s shares are short sold. Based on an average daily volume of 62,000,000 shares, the days-to-cover ratio is presently 1.0 days.

Mullen Automotive Stock Performance

Shares of MULN stock opened at $0.84 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.94 and a quick ratio of 1.94. The stock has a market cap of $280.38 million, a PE ratio of -1.28 and a beta of 2.55. The stock has a 50-day moving average of $1.13 and a 200-day moving average of $1.61. Mullen Automotive has a one year low of $0.52 and a one year high of $15.90.

Insiders Place Their Bets

In other Mullen Automotive news, CEO David Michery sold 150,000 shares of the business’s stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $1.10, for a total transaction of $165,000.00. Following the completion of the sale, the chief executive officer now directly owns 7,761,066 shares of the company’s stock, valued at approximately $8,537,172.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 1,250,000 shares of company stock valued at $1,314,500. 30.10% of the stock is currently owned by insiders.

Institutional Trading of Mullen Automotive

A number of institutional investors and hedge funds have recently modified their holdings of MULN. Adviser Investments LLC bought a new stake in Mullen Automotive during the 1st quarter worth approximately $30,000. Commonwealth Equity Services LLC increased its stake in Mullen Automotive by 103.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 31,294 shares of the company’s stock worth $31,000 after purchasing an additional 15,878 shares in the last quarter. Integrated Advisors Network LLC bought a new stake in Mullen Automotive during the 1st quarter worth approximately $33,000. Key Client Fiduciary Advisors LLC bought a new stake in Mullen Automotive during the 2nd quarter worth approximately $36,000. Finally, Tcwp LLC bought a new stake in Mullen Automotive during the 1st quarter worth approximately $38,000. 62.46% of the stock is owned by institutional investors.

Mullen Automotive Company Profile

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Mullen Automotive, Inc, an electric vehicle company, manufactures and distributes electric vehicles. It also operates CarHub, a digital platform that leverages AI to offer an interactive solution for buying, selling, and owning a car; and provides battery technology and emergency point-of-care solutions.

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