Lotus Technology (NASDAQ:LOT) Stock Price Down 7.3% – Time to Sell?

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT)’s stock price traded down 7.3% during mid-day trading on Wednesday . The stock traded as low as $1.39 and last traded at $1.3910. 104,023 shares were traded during mid-day trading, a decline of 23% from the average session volume of 134,302 shares. The stock had previously closed at $1.50.

Wall Street Analysts Forecast Growth

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

Lotus Technology Stock Performance

The stock’s 50 day simple moving average is $1.93 and its 200 day simple moving average is $2.05. The firm has a market capitalization of $942.76 million, a P/E ratio of -0.97 and a beta of 0.42.

Lotus Technology (NASDAQ:LOT) last posted its earnings results on Friday, August 29th. The company reported ($0.20) earnings per share for the quarter. The business had revenue of $125.50 million during the quarter.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its holdings in shares of 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 acquiring an additional 4,848 shares during the period. Jane Street Group LLC grew its stake 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, XTX Topco Ltd purchased a new stake in shares of Lotus Technology during the second quarter worth approximately $34,000. Hedge funds and other institutional investors 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.