Lotus Technology (NASDAQ:LOT) Shares Gap Up – Should You Buy?

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) shares gapped up before the market opened on Friday . The stock had previously closed at $1.37, but opened at $1.44. Lotus Technology shares last traded at $1.40, with a volume of 6,301 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Lotus Technology in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has a consensus rating of “Sell”.

Lotus Technology Stock Performance

The firm has a market capitalization of $929.19 million, a price-to-earnings ratio of -1.10 and a beta of 0.43. The business’s 50 day moving average is $1.69 and its 200-day moving average is $1.98.

Hedge Funds Weigh In On Lotus Technology

Several large investors have recently made changes to their positions in the business. XTX Topco Ltd bought a new stake in Lotus Technology during the 2nd quarter valued at approximately $34,000. Jane Street Group LLC increased its position in Lotus Technology by 64.1% in the 1st quarter. Jane Street Group LLC now owns 16,966 shares of the company’s stock worth $27,000 after buying an additional 6,629 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Lotus Technology by 178.8% during the fourth quarter. Bank of America Corp DE now owns 7,560 shares of the company’s stock worth $27,000 after buying an additional 4,848 shares during the last quarter. Institutional investors and hedge funds own 63.40% of the company’s stock.

About Lotus Technology

Lotus Technology Inc engages in the design, development, and sale of battery electric lifestyle vehicles worldwide. It also distributes sports cars. The company sells its products under the Lotus brand. Lotus Technology Inc is based in Shanghai, China.