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 $4,726,276 were sold by Michery David on Feb 16. At $0.32 per share, Michery David sold 14,937,660 shares. The insider’s holdings dropped to 113,665,510 shares worth approximately $23.87 million following the completion of this transaction.
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Also, PUCKETT KENT sold 100,000 shares, netting a total of over 33,000 in proceeds. Following the sale of shares at $0.33 each, the insider now holds 0 shares.
Before that, Michery David had sold 750,000 shares from its account. In a trade valued at $297,375, the CEO, President traded Mullen Automotive Inc. shares for $0.40 each. Upon closing the transaction, the insider’s holdings decreased to 750,000 shares, worth approximately $3.33 million.
Analyzing MULN Stock Performance
On Thursday, Mullen Automotive Inc. [NASDAQ: MULN] plunged -3.04% to $0.21. The stock’s lowest price that day was $0.211, but it reached a high of $0.2225 in the same session. During the last five days, there has been a drop of approximately -12.06%. Over the course of the year, Mullen Automotive Inc. shares have dropped approximately -25.31%. Shares of the company reached a 52-week high of $0.4775 on 01/06/23 and a 52-week low of $0.2100 on 02/27/23. A 50-day SMA is recorded $0.3106, while a 200-day SMA reached $0.5944. Nevertheless, trading volume fell to 115.01 million shares from 238.36 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 0.2089, which, if violated, would cause prices to drop to 0.2042. In the upper region, resistance lies at 0.2204. The next price resistance is at 0.2272. RSI (Relative Strength Index) is 32.31 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.0559, which suggests the price will decrease in the coming days. Percent R is at 98.10%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Mullen Automotive Inc. subject to short interest?
Stocks of Mullen Automotive Inc. saw a sharp steep in short interest on Jan 30, 2023 dropping by -17.96 million shares to 192.3 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 210.26 million shares. A decline of -9.34% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 0.75 of the overall float, the days-to-cover ratio (short ratio) decline to 0.75.
Which companies own the most shares of Mullen Automotive Inc. (MULN)?
According to The Vanguard Group, Inc. filings, the company currently owns 45,026,188 shares, which is about 2.71% of the total MULN shares outstanding. The investor’s shares have appreciated by 23,006,506 from its previous 13-F filing of 22019682.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $8,670,347. Geode Capital Management LLC acquire a 2.08% interest valued at $2.24 million while SSgA Funds Management, Inc. purchased a 1,493,344 stake. A total of 2,905,106 shares of Mullen Automotive Inc. were bought by Susquehanna Financial Group LLLP during the quarter, and 3,063,810 were bought by Citadel Securities LLC. In its current portfolio, Northern Trust Investments, Inc. holds 2,925,060 shares valued at $1.01 million.