Lotus Technology (NASDAQ:LOT) Shares Gap Up – Here’s Why

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $0.8899, but opened at $0.9614. Lotus Technology shares last traded at $0.9440, with a volume of 3,216 shares changing hands.

Analysts Set New Price Targets

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

Lotus Technology Stock Performance

The stock has a market cap of $674.19 million, a P/E ratio of -1.46 and a beta of 0.52. The firm has a 50 day moving average of $1.05 and a two-hundred day moving average of $1.17.

Institutional Investors Weigh In On Lotus Technology

Hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised 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 valued at $27,000 after purchasing an additional 4,848 shares during the last quarter. XTX Topco Ltd bought a new stake in Lotus Technology in the 2nd quarter valued at $34,000. Finally, Jane Street Group LLC grew 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 worth $27,000 after purchasing an additional 6,629 shares during the last quarter. 63.40% of the stock is 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.