Lotus Technology (NASDAQ:LOT) Sees Strong Trading Volume – Here’s What Happened

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) saw strong trading volume on Wednesday . 159,658 shares traded hands during mid-day trading, an increase of 22% from the previous session’s volume of 130,336 shares.The stock last traded at $1.54 and had previously closed at $1.50.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Lotus Technology in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Lotus Technology currently has an average rating of “Sell”.

Lotus Technology Stock Up 3.8%

The firm has a 50-day simple moving average of $1.69 and a 200-day simple moving average of $1.98. The stock has a market cap of $929.19 million, a PE ratio of -1.10 and a beta of 0.43.

Hedge Funds Weigh In On Lotus Technology

Hedge funds have recently bought and sold shares of the company. XTX Topco Ltd purchased a new stake in Lotus Technology in the 2nd quarter worth approximately $34,000. Jane Street Group LLC grew its position in shares of Lotus Technology by 64.1% during 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. Finally, Bank of America Corp DE increased its holdings in shares of 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 purchasing an additional 4,848 shares during the period. 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.