Lotus Technology (NASDAQ:LOT) Shares Gap Up – Time to Buy?

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) shares gapped up before the market opened on Friday . The stock had previously closed at $0.9072, but opened at $0.9998. Lotus Technology shares last traded at $0.9480, with a volume of 2,608 shares traded.

Analyst Upgrades and Downgrades

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 MarketBeat, Lotus Technology currently has an average rating of “Sell”.

Lotus Technology Stock Up 1.3%

The company’s 50-day moving average price is $1.19 and its 200-day moving average price is $1.22. The firm has a market cap of $590.08 million, a price-to-earnings ratio of -1.28 and a beta of 0.49.

Hedge Funds Weigh In On Lotus Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LOT. Bank of America Corp DE grew its stake in 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 purchasing an additional 4,848 shares in the last quarter. Jane Street Group LLC raised its position in Lotus Technology by 64.1% in 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, XTX Topco Ltd raised its position in Lotus Technology by 21.3% in the 4th quarter. XTX Topco Ltd now owns 54,711 shares of the company’s stock valued at $77,000 after purchasing an additional 9,605 shares in the last quarter. 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.