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

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $1.10, but opened at $1.03. Lotus Technology shares last traded at $1.06, with a volume of 2,104 shares trading hands.

Analysts Set New Price Targets

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

Lotus Technology Price Performance

The firm has a market capitalization of $674.19 million, a price-to-earnings ratio of -1.46 and a beta of 0.49. The business’s 50 day moving average price is $1.23 and its 200-day moving average price is $1.24.

Institutional Investors Weigh In On Lotus Technology

Institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE increased its holdings 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 in the last quarter. Jane Street Group LLC grew its position in 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 buying an additional 6,629 shares during the period. Finally, XTX Topco Ltd purchased a new position in Lotus Technology in the second quarter valued at about $34,000. 63.40% of the stock is currently owned by hedge funds and other institutional investors.

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.