Mullen Automotive Inc. [MULN] CEO, President makes an insider purchase of 750,000 shares worth 0.3 million.

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The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Mullen Automotive Inc. shares valued at $297,375 were sold by Michery David on Sep 22. At $0.40 per share, Michery David sold 750,000 shares. The insider’s holdings dropped to 15,843,789 shares worth approximately $4.75 million following the completion of this transaction.


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Also, POPA CALIN sold 50,000 shares, netting a total of over 33,500 in proceeds. Following the sale of shares at $0.67 each, the insider now holds 9,729 shares.

Before that, NOVOA IGNACIO had added 2,500 shares to its account. In a trade valued at $1,675, the Director bought Mullen Automotive Inc. shares for $0.67 each. Upon closing the transaction, the insider’s holdings increased to 2,500 shares, worth approximately $54900.0.

Analyzing MULN Stock Performance

On Thursday, Mullen Automotive Inc. [NASDAQ: MULN] plunged -16.05% to $0.30. The stock’s lowest price that day was $0.30, but it reached a high of $0.359 in the same session. During the last five days, there has been a drop of approximately -44.07%. Over the course of the year, Mullen Automotive Inc. shares have dropped approximately -94.24%. Shares of the company reached a 52-week high of $5.8600 on 01/03/22 and a 52-week low of $0.2101 on 10/18/22. A 50-day SMA is recorded $0.4399, while a 200-day SMA reached $1.2450. Nevertheless, trading volume fell to 225.22 million shares from 189.77 million shares the previous day.

Support And Resistance Levels for Mullen Automotive Inc. (MULN)

According to the 24-hour chart, there is a support level at 0.2811, which, if violated, would cause prices to drop to 0.2611. In the upper region, resistance lies at 0.3401. The next price resistance is at 0.3791. RSI (Relative Strength Index) is 38.67 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.0514, which suggests the price will decrease in the coming days. Percent R is at 77.22%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Mullen Automotive Inc. subject to short interest?

Stocks of Mullen Automotive Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 16.79 million shares to 59.67 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 42.88 million shares. A jump of 28.14% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 0.98 of the overall float, the days-to-cover ratio (short ratio) jumped to 0.98.

Which companies own the most shares of Mullen Automotive Inc. (MULN)?

According to Esousa Holdings LLC filings, the company currently owns 18,000,000 shares, which is about 3.53% of the total MULN shares outstanding. The investor’s shares have appreciated by 17,522,334 from its previous 13-F filing of 477666.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $4,134,985. BlackRock Fund Advisors acquire a 779.57% interest valued at $1.96 million while Susquehanna Financial Group LLLP purchased a 2,037,331 stake. A total of 2,590,015 shares of Mullen Automotive Inc. were bought by Geode Capital Management LLC during the quarter, and 1,313,846 by BlackRock Advisors LLC. In its current portfolio, SSgA Funds Management, Inc. holds 1,029,144 shares valued at $0.34 million.

In terms of Mullen Automotive Inc. share price expectations, FactSet research, analysts set an average price target of $23.00 in the next 12 months, up nearly 6288.89% from the previous closing price of $0.36. Analysts anticipate Mullen Automotive Inc. stock to reach $23.00 by 2022, with the lowest price target being $23.00.

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