Geode Capital Management added over 2.5 million shares of the EV startup Mullen Automotive during the second quarter, a 13F form filed revealed.
The fund joins the world’s largest asset manager BlackRock and also Vanguard on the list of institutions that added over 2.5 million shares during the second quarter.
|File Date||Effective Date||Form||Reported Shares||Shares Difference||Change (%)||Value (x1,000)|
|August 12, 2022||End of Q2 2022||13F||2,664,237||2,590,015||3,489.55%||2,717|
|May 13, 2022||End of Q1 2022||13F||74,222||29,140||64,64%||221|
The fund founded in 2001 ended 2021 holding only 45,082 shares of Mullen increasing its holdings to 74,222 shares in the first quarter of 2022. In the second quarter, Geode Capital Management bought 2,590,015 shares having a total of 2,664,237 as of June 30.
Vanguard bought a total of 11,637,069 common shares in the EV manufacturer while BlackRock filed a 13F Form reporting ownership of 7,874,497 shares as of the end of the second quarter, representing an increase in shares of 1,053 percent from Q1 2022.
As of August 15, Mullen has 101 institutional owners and shareholders holding a total of 30,844,599 shares, 24 more institutions compared to mid-May 2022 and an increase of 633% on the total amount of shares they hold — 4.2 million to 30.8 million shares.
Mullen’s largest shareholders include Vanguard Group, BlackRock, Geode Capital Management, Llc, Jane Street Group, Citadel Advisors, Susquehanna International Group, Llp, Citadel Advisors Llc, and Susquehanna International Group.
Last week, Mullen Automotive announced its preliminary third-quarter results saying it is in a “strong financial position, with approximately $99 million in cash and cash equivalents on hand as of Aug. 8, 2022”.
A couple of days earlier, the company unveiled the appointment of Andre Hudson as its Vice President of Design. Hudson will lead the growth and development of the Mullen brand through strong product and portfolio development.
The company said the team “will be home to a new division of engineers and technology developers focused on Mullen’s Class 1 – 5 commercial vehicle development” expecting to have upwards of 50 employees by the end of 2022 after the first 20 new hires.