5 Penny Stocks to Buy in April

4. Mullen Automotive, Inc. (NASDAQ:MULN)

Number of Hedge Fund Holders: 3

Share Price as of April 6: $2.605

Mullen Automotive, Inc. (NASDAQ:MULN) is a California-based electric vehicle company that was founded in 2014. The company also runs CarHub, a digital platform that uses artificial intelligence to make the sale and purchase of cars easier, provides battery technology, and emergency maintenance solutions. In the last month, Mullen Automotive, Inc. (NASDAQ:MULN) shares have surged more than 144%. 

On March 28, Mullen Automotive, Inc. (NASDAQ:MULN) announced that it expects to have over $65 million in cash and cash equivalents at the end of the March 2022 quarter. According to the company’s CEO, Mullen Automotive, Inc. (NASDAQ:MULN) has made notable progress in the first quarter of 2022, and the company has enough financing to execute on its product commitments for 2022. Its balance sheet is the strongest it has ever been, according to the management. 

According to Insider Monkey’s Q4 data, 3 hedge funds were bullish on Mullen Automotive, Inc. (NASDAQ:MULN), with combined stakes valued at $512,000, compared to 2 funds in the previous quarter, holding stakes in the company worth $318,000.