Lotus Technology (NASDAQ:LOT) Shares Gap Up – Here’s Why

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) shares gapped up before the market opened on Wednesday . The stock had previously closed at $1.28, but opened at $1.36. Lotus Technology shares last traded at $1.3050, with a volume of 15,303 shares traded.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed 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 data from MarketBeat, Lotus Technology has a consensus rating of “Sell”.

Lotus Technology Trading Up 7.4%

The firm has a market cap of $888.49 million, a price-to-earnings ratio of -0.91 and a beta of 0.42. The company has a fifty day moving average price of $1.83 and a 200-day moving average price of $2.03.

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

Hedge Funds Weigh In On Lotus Technology

Several large investors have recently made changes to their positions in LOT. Jane Street Group LLC boosted 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 worth $27,000 after buying an additional 6,629 shares in the last quarter. Bank of America Corp DE raised its position 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 acquiring an additional 4,848 shares during the period. Finally, XTX Topco Ltd purchased a new stake in shares of Lotus Technology during the 2nd quarter worth about $34,000. 63.40% of the stock is currently owned by institutional investors and hedge funds.

Lotus Technology Company Profile

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.