Lotus Technology (NASDAQ:LOT) Stock Price Up 9.9% – Here’s Why

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) shares were up 9.9% during mid-day trading on Wednesday . The stock traded as high as $1.22 and last traded at $1.22. Approximately 56,621 shares changed hands during trading, a decline of 60% from the average daily volume of 139,828 shares. The stock had previously closed at $1.11.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Lotus Technology in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Lotus Technology presently has an average rating of “Sell”.

Lotus Technology Trading Up 5.9%

The stock has a market cap of $796.93 million, a P/E ratio of -0.95 and a beta of 0.42. The company’s fifty day simple moving average is $1.19 and its 200-day simple moving average is $1.49.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in LOT. Bank of America Corp DE lifted its stake in Lotus Technology by 178.8% during the fourth 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 during the period. Jane Street Group LLC grew its stake in shares of 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 during the period. Finally, XTX Topco Ltd raised its holdings in shares of Lotus Technology by 21.3% in the 4th quarter. XTX Topco Ltd now owns 54,711 shares of the company’s stock worth $77,000 after buying an additional 9,605 shares in the last quarter. Institutional investors and hedge funds 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.