Lotus Technology (NASDAQ:LOT) Shares Gap Up – Still a Buy?

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $0.8840, but opened at $0.94. Lotus Technology shares last traded at $0.9360, with a volume of 12,502 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lotus Technology in a research report on Friday, July 17th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average rating of “Sell”.

Lotus Technology Stock Performance

The stock has a 50-day moving average of $1.01 and a two-hundred day moving average of $1.15. The company has a market cap of $608.06 million, a P/E ratio of -1.32 and a beta of 0.57.

Hedge Funds Weigh In On Lotus Technology

An institutional investor recently raised its stake in Lotus Technology stock. Citadel Advisors LLC increased its position in Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) by 146.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,517 shares of the company’s stock after purchasing an additional 62,630 shares during the period. Citadel Advisors LLC’s holdings in Lotus Technology were worth $123,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 63.40% of the company’s stock.

About Lotus Technology

Lotus Technology Inc is a technology-focused luxury electric vehicle company associated with the Lotus automotive brand. The company develops, manufactures and sells battery-electric vehicles that combine performance-oriented engineering with advanced digital and driver-assistance technologies.

Its vehicle portfolio includes the Eletre electric hyper-SUV and the Emeya electric hyper-GT. Lotus Technology is also associated with the Evija, an all-electric hypercar, and supports the development of vehicle software, intelligent driving systems, digital cockpits and other connected-car technologies.

Lotus Technology operates as part of the broader Lotus and Geely automotive ecosystem, with activities spanning China and international markets, including Europe and other regions.