The deadline for institutional investors to file a Form 13F for the second quarter has officially passed. As a result, we can now take a look at institutional ownership for Mullen Automotive (NASDAQ:MULN) stock as of June 30.
The electric vehicle (EV) company is currently in the process of trying to regain compliance with Nasdaq’s minimum price requirement of $1. In order to do this, MULN stock must trade above $1 for at least 10 consecutive business days, but generally no more than 20 consecutive business days, by Sept. 5. To achieve this threshold, Mullen initiated a 1-for-9 reverse stock split on Aug. 11. MULN stock closed above $1 on Aug. 11 and Aug. 12, so shareholders are hoping that it can keep up this streak. Between Aug. 11 and Sept. 5, there are 18 consecutive business days.
Mullen has now enacted two reverse stock splits this year. In May, the company affected a 1-for-25 stock split in order to meet Nasdaq’s minimum $1 price requirement.
5 Investors Betting Big on MULN Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q2, 80 13F filers disclosed a stake in MULN, a decline of 68 filers from the prior quarter. None of these filers own Mullen in their top 10 positions. At the same time, the total number of shares owned by these filers increased to 15.74 million from 9.85 million. It’s worth noting that this data was obtained from WhaleWisdom, which may have not updated its numbers to reflect Mullen’s reverse splits. However, the ranking of institutional owners is still accurate.
Meanwhile, the institutional put/call ratio sits at 0.27, down from 0.42. That’s equivalent to 2.68 million puts and 10.08 million calls, reflecting a bullish options stance. With that in mind, let’s take a look at Mullen’s largest shareholders as of the second quarter:
- Vanguard: 3.14 million shares. Vanguard sold off 158,752 shares during Q2.
- Two Sigma: 2.31 million shares. Two Sigma acquired its entire stake during Q2.
- BlackRock (NYSE:BLK): 1.60 million shares. BlackRock sold off 1.34 million shares during Q2.
- Geode Capital Management: 1.30 million shares. Geode acquired 269,634 shares during Q2.
- State Street (NYSE:STT): 868,772 shares. State Street acquired 34,862 shares during Q2.
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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.
