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 Thursday . The stock had previously closed at $1.39, but opened at $1.44. Lotus Technology shares last traded at $1.4750, with a volume of 5,472 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued 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 MarketBeat, the company presently has a consensus rating of “Sell”.

Lotus Technology Stock Up 2.5%

The firm’s fifty day simple moving average is $1.92 and its 200-day simple moving average is $2.05. The firm has a market capitalization of $966.49 million, a PE ratio of -0.99 and a beta of 0.42.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE lifted its stake in 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 purchasing an additional 4,848 shares in the last quarter. Jane Street Group LLC increased its stake in 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 acquiring an additional 6,629 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Lotus Technology during the 2nd quarter worth approximately $34,000. 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.