Lotus Technology (NASDAQ:LOT) Stock Price Down 8% – What’s Next?

Lotus Technology Inc. (NASDAQ:LOT) dropped 8% during mid-day trading on Wednesday . The stock traded as low as $3.66 and last traded at $3.67. Approximately 77,541 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 104,364 shares. The stock had previously closed at $3.99.

Lotus Technology Stock Performance

The firm’s 50-day moving average price is $4.03 and its 200 day moving average price is $5.01. The company has a market cap of $2.44 billion, a price-to-earnings ratio of -2.31 and a beta of 0.13. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.46 and a current ratio of 0.61.

Hedge Funds Weigh In On Lotus Technology

Hedge funds have recently added to or reduced their stakes in the stock. Tidal Investments LLC bought a new stake in shares of Lotus Technology in the 3rd quarter valued at about $402,000. State Street Corp acquired a new position in shares of Lotus Technology in the 3rd quarter valued at $58,000. Finally, JPMorgan Chase & Co. bought a new stake in shares of Lotus Technology in the 3rd quarter valued at $32,000. 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.