Mullen Automotive (NASDAQ:MULN) stock has been in full focus in recent weeks following the start of the “Strikingly Different” tour. After showing off the Mullen FIVE at the Rose Bowl in Pasadena, California, preorders for the electric vehicle (EV) “quadrupled in volume,” although the exact figure has not been disclosed.
In Pasadena, participants were able to ride in the FIVE with a test driver and get a first look at PERSONA, Mullen’s proprietary personal vehicle assistant (PVA). The PVA is equipped with facial recognition and meant to give each driver a “highly personalized experience.”
Today marks the next stop on the first leg of the tour. At the Angel Stadium in Anaheim, California, participants will get a look at the same features presented in Pasadena. The Anaheim location was added to the tour following “overwhelmingly positive feedback” in Pasadena. The next stop after that will be in Las Vegas, Nevada from Nov. 10 to Nov. 11.
The second leg of the tour will begin during Spring 2023 with a focus on the Northwest, Midwest and East Coast. In the spring, Mullen will showcase its FIVE RS EV sport crossover. The vehicle comes equipped with 1,100 horsepower and a maximum speed of 200 mph. The company is also creating a short film to showcase the FIVE for people unable to attend the tour.
With that in mind, let’s take a look at the investors betting against this EV startup.
5 Big Investors Betting Against MULN Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During the second quarter, the institutional put/call ratio tallied in at 0.6, down from 0.62 during Q1. That’s equivalent to 14.21 million calls and 8.46 million puts, implying a bullish options stance. Meanwhile, Bollinger Motors CEO Robert Bollinger is the largest shareholder of MULN stock with a 51.06 million share stake, followed by CEO David Michery with a 43.77 million share stake. So, who’s betting against Mullen?
- Susquehanna International Group owns put options against 3.85 million shares. The firm also owns call options against 1.61 million shares.
- Simplex Trading owns put options against 1.40 million shares and call options against 813,900 shares.
- Citadel Advisors owns put options against 1.12 million shares and call options against 1.23 million shares.
- Group One Trading owns put options against 878,900 shares and call options against 5.09 million shares.
- Jane Street Group owns put options against 795,200 shares and call options against 4.78 million shares.
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
