Lotus Technology (NASDAQ:LOT) Shares Down 6% – Here’s What Happened

Lotus Technology Inc. (NASDAQ:LOT) was down 6% during mid-day trading on Tuesday . The stock traded as low as $2.02 and last traded at $2.03. Approximately 51,986 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 143,358 shares. The stock had previously closed at $2.16.

Lotus Technology Trading Down 5.5%

The firm has a 50-day moving average of $1.71 and a 200-day moving average of $2.57. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -1.31 and a beta of 0.43.

Lotus Technology (NASDAQ:LOT) last issued its earnings results on Tuesday, April 22nd. The company reported ($0.66) earnings per share (EPS) for the quarter. The company had revenue of $271.53 million for the quarter.

Hedge Funds Weigh In On Lotus Technology

Institutional investors have recently made changes to their positions in the company. Jane Street Group LLC boosted its stake 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 worth $27,000 after acquiring an additional 6,629 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Lotus Technology by 39.0% during the 4th quarter. Tidal Investments LLC now owns 110,270 shares of the company’s stock worth $401,000 after acquiring an additional 30,933 shares during the period. Bank of America Corp DE grew 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 valued at $27,000 after buying an additional 4,848 shares during the period. Marshall Wace LLP acquired a new stake in Lotus Technology during the fourth quarter worth $63,000. Finally, Mariner LLC purchased a new stake in Lotus Technology in the 4th quarter valued at about $1,426,000. 63.40% of the stock is owned by hedge funds and other 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.