Lotus Technology (NASDAQ:LOT) Sets New 1-Year Low – Here’s What Happened

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT)’s share price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $0.93 and last traded at $0.9660, with a volume of 47632 shares changing hands. The stock had previously closed at $1.02.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lotus Technology in a research report on Friday. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has an average rating of “Sell”.

Lotus Technology Stock Performance

The company’s fifty day simple moving average is $1.21 and its 200-day simple moving average is $1.23. The company has a market capitalization of $579.49 million, a P/E ratio of -1.25 and a beta of 0.49.

Hedge Funds Weigh In On Lotus Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Jane Street Group LLC increased its holdings in Lotus Technology by 64.1% during the first quarter. Jane Street Group LLC now owns 16,966 shares of the company’s stock valued at $27,000 after buying an additional 6,629 shares during the period. Bank of America Corp DE raised its stake in Lotus Technology by 178.8% in 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 in the last quarter. Finally, XTX Topco Ltd purchased a new stake in Lotus Technology during the second quarter worth $34,000. 63.40% of the stock is currently owned by institutional investors.

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.