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

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) gapped down prior to trading on Tuesday . The stock had previously closed at $1.28, but opened at $1.23. Lotus Technology shares last traded at $1.3050, with a volume of 6,164 shares traded.

Wall Street Analysts Forecast Growth

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

Lotus Technology Price Performance

The stock’s 50 day moving average is $1.69 and its 200-day moving average is $1.98. The company has a market capitalization of $929.19 million, a P/E ratio of -1.10 and a beta of 0.43.

Institutional Investors Weigh In On Lotus Technology

Several hedge funds have recently made changes to their positions in LOT. XTX Topco Ltd bought a new position in Lotus Technology in the second quarter worth $34,000. Jane Street Group LLC grew its position 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 worth $27,000 after buying an additional 6,629 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of Lotus Technology by 178.8% in 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 in the last quarter. 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.