Lotus Technology (NASDAQ:LOT) Stock Price Up 9.2% – Here’s What Happened

Shares of Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) were up 9.2% during trading on Wednesday . The stock traded as high as $0.9756 and last traded at $0.9716. Approximately 191,482 shares traded hands during trading, an increase of 55% from the average session volume of 123,901 shares. The stock had previously closed at $0.8899.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lotus Technology in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Lotus Technology Stock Up 2.3%

The stock has a fifty day moving average of $1.07 and a two-hundred day moving average of $1.17. The stock has a market cap of $584.30 million, a price-to-earnings ratio of -1.26 and a beta of 0.52.

Hedge Funds Weigh In On Lotus Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. XTX Topco Ltd grew its holdings in shares of Lotus Technology by 21.3% during the 4th quarter. XTX Topco Ltd now owns 54,711 shares of the company’s stock worth $77,000 after purchasing an additional 9,605 shares during the period. Jane Street Group LLC increased its position in Lotus Technology by 64.1% during the 1st quarter. Jane Street Group LLC now owns 16,966 shares of the company’s stock worth $27,000 after purchasing an additional 6,629 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings 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 valued at $27,000 after buying an additional 4,848 shares during the period. 63.40% of the stock is 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.