Lotus Technology (NASDAQ:LOT) Shares Gap Down – Here’s What Happened

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) shares gapped down before the market opened on Wednesday . The stock had previously closed at $1.10, but opened at $1.03. Lotus Technology shares last traded at $1.06, with a volume of 2,104 shares trading hands.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Lotus Technology in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Lotus Technology has a consensus rating of “Sell”.

Lotus Technology Trading Up 2.9%

The company has a market capitalization of $674.19 million, a price-to-earnings ratio of -1.46 and a beta of 0.49. The stock’s fifty day simple moving average is $1.23 and its 200-day simple moving average is $1.24.

Institutional Trading of Lotus Technology

Hedge funds have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in Lotus Technology by 178.8% during the 4th quarter. Bank of America Corp DE now owns 7,560 shares of the company’s stock worth $27,000 after purchasing an additional 4,848 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Lotus Technology in the 2nd quarter valued at approximately $34,000. Finally, Jane Street Group LLC raised its holdings in shares of Lotus Technology by 64.1% in the 1st quarter. Jane Street Group LLC now owns 16,966 shares of the company’s stock valued at $27,000 after purchasing an additional 6,629 shares in the last quarter. 63.40% of the stock is currently owned by institutional investors and hedge funds.

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.