Lotus Technology (NASDAQ:LOT) Shares Gap Up – Still a Buy?

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $1.01, but opened at $1.06. Lotus Technology shares last traded at $1.05, with a volume of 15,445 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Lotus Technology in a research report on Friday, July 17th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Lotus Technology currently has an average rating of “Sell”.

Lotus Technology Price Performance

The company has a 50-day moving average of $1.04 and a two-hundred day moving average of $1.16. The stock has a market capitalization of $674.19 million, a PE ratio of -1.46 and a beta of 0.57.

Institutional Investors Weigh In On Lotus Technology

Hedge funds have recently modified their holdings of the stock. Jane Street Group LLC grew its holdings in Lotus Technology by 64.1% in the first 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. Bank of America Corp DE increased its position 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 last quarter. XTX Topco Ltd purchased a new position in Lotus Technology during the second quarter worth approximately $34,000. Finally, Citadel Advisors LLC raised its stake in Lotus Technology by 146.0% during the second quarter. Citadel Advisors LLC now owns 105,517 shares of the company’s stock worth $123,000 after purchasing an additional 62,630 shares during the period. 63.40% of the stock is owned by institutional investors and hedge funds.

Lotus Technology Company Profile

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.