5 Investors Betting Big on Mullen (MULN) Stock in 2023

  • Acuitas Capital is the largest shareholder of Mullen Automotive (MULN).
  • The most recent data shows that 99 13F filers own shares of the company.
  • Shares of MULN stock are up by more than 15% year-to-date.
MULN stock - 5 Investors Betting Big on Mullen (MULN) Stock in 2023

Source: Ringo Chiu / Shutterstock

Shares of Mullen Automotive (NASDAQ:MULN) are in full focus, as several catalysts for the electric vehicle (EV) company are quickly approaching. First, Mullen is expected to report its Form 10-K, or annual report, by Jan. 13. The deadline was initially set to Dec. 29, which resulted in Mullen receiving a 15-day grace period. Mullen’s financials for the three months ended Sept. 30 will be disclosed in the report.

After that, the company will hold its special meeting of stockholders on Jan. 19. The meeting was originally set to Dec. 23 but received shareholder approval to be postponed. At the meeting, the votes for several proposals will be disclosed, such as a reverse stock split and an increase in authorized common stock from 1.75 billion to 5 billion.

Meanwhile, a satellite picture of Mullen’s Mishawaka facility has been making the rounds on social media. The picture shows a crowded parking lot lined up with black and white vehicles. Savvy investors realized the picture was actually taken in July of 2022, which was before Mullen purchased the plant from bankrupt Electric Last Mile Solutions (OTCMKTS:ELMSQ). As a result, none of the vehicles in the picture appeared to have been manufactured by Mullen.

With that in mind, let’s take a look at the investors betting big on MULN stock.

5 Investors Betting Big on MULN Stock

Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q3, 99 13F filers disclosed ownership of MULN, an increase of 16 filers from the prior quarter. Meanwhile, the institutional put/call ratio sits at 0.44, down from 0.6. That’s equivalent to 5.87 million puts and 13.39 million calls, implying a bullish options stance.

Now, let’s dive into Mullen’s top shareholders. Please note this list only includes shareholders who filed a position update as of Q3.

  1. Acuitas Capital: 56.94 million shares.
  2. Esousa Holdings: 55.18 million shares.
  3. Robert Bollinger, CEO of Bollinger Motors: 51.07 million shares. Bollinger acquired his entire stake during the third quarter as a result of Mullen acquiring a controlling interest in Bollinger.
  4. BlackRock (NYSE:BLK): 26.29 million shares. BlackRock purchased 18.41 million shares during Q3.
  5. Vanguard: 22.6 million shares. Vanguard purchased 9.88 million shares during Q3.

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More:Penny Stocks — How to Profit Without Getting Scammed

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.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

Article printed from InvestorPlace Media, https://investorplace.com/2023/01/5-investors-betting-big-on-mullen-muln-stock-in-2023/.

©2023 InvestorPlace Media, LLC