Lotus Technology (NASDAQ:LOT) Shares Down 1.8% – Here’s What Happened

Shares of Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) were down 1.8% during trading on Thursday . The company traded as low as $1.07 and last traded at $1.09. Approximately 28,656 shares traded hands during trading, a decline of 86% from the average daily volume of 205,679 shares. The stock had previously closed at $1.11.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lotus Technology in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has an average rating of “Sell”.

Lotus Technology Price Performance

The firm’s 50-day simple moving average is $1.31 and its 200 day simple moving average is $1.64. The firm has a market capitalization of $752.85 million, a price-to-earnings ratio of -0.90 and a beta of 0.42.

Hedge Funds Weigh In On Lotus Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE lifted its stake in shares of Lotus Technology by 178.8% in 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 period. Jane Street Group LLC increased 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 worth $27,000 after purchasing an additional 6,629 shares in the last quarter. Finally, XTX Topco Ltd lifted its stake in Lotus Technology by 21.3% in the fourth quarter. XTX Topco Ltd now owns 54,711 shares of the company’s stock valued at $77,000 after buying an additional 9,605 shares during the period. 63.40% of the stock is 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.