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

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $1.28, but opened at $1.36. Lotus Technology shares last traded at $1.3050, with a volume of 15,303 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Lotus Technology in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Lotus Technology Trading Down 0.8%

The stock has a 50 day simple moving average of $1.86 and a 200 day simple moving average of $2.04. The firm has a market capitalization of $861.36 million, a PE ratio of -0.88 and a beta of 0.42.

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

Hedge Funds Weigh In On Lotus Technology

Several hedge funds and other institutional investors have recently modified their holdings of LOT. Bank of America Corp DE raised its position 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. Jane Street Group LLC grew its position 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 worth $27,000 after buying an additional 6,629 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Lotus Technology during the second quarter valued at approximately $34,000. 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.