Lotus Technology (NASDAQ:LOT) Shares Down 4.5% – Here’s Why

Shares of Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) were down 4.5% during trading on Thursday . The company traded as low as $1.1950 and last traded at $1.1750. Approximately 16,458 shares were traded during trading, a decline of 87% from the average session volume of 128,031 shares. The stock had previously closed at $1.23.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Lotus Technology in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Lotus Technology presently has an average rating of “Sell”.

Lotus Technology Stock Performance

The firm’s 50 day simple moving average is $1.24 and its 200-day simple moving average is $1.25. The company has a market capitalization of $735.19 million, a price-to-earnings ratio of -1.59 and a beta of 0.49.

Lotus Technology (NASDAQ:LOT) last issued its earnings results on Friday, April 10th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.02. The business had revenue of $163.34 million during the quarter, compared to analyst estimates of $153.86 million. As a group, equities analysts anticipate that Lotus Technology Inc. Sponsored ADR will post -0.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lotus Technology

Institutional investors have recently bought and sold shares of the business. Bank of America Corp DE grew 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 acquiring an additional 4,848 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Lotus Technology in the second quarter worth approximately $34,000. Finally, Jane Street Group LLC boosted its holdings in shares of Lotus Technology by 64.1% during the first 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 period. 63.40% of the stock is currently owned by institutional investors and hedge funds.

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.