Lotus Technology (NASDAQ:LOT) Trading 6.1% Higher – Here’s Why

Shares of Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) rose 6.1% on Tuesday . The stock traded as high as $1.2099 and last traded at $1.22. Approximately 203,966 shares changed hands during mid-day trading, an increase of 20% from the average session volume of 169,828 shares. The stock had previously closed at $1.15.

Wall Street Analysts Forecast Growth

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

Lotus Technology Price Performance

The firm has a market cap of $764.09 million, a price-to-earnings ratio of -1.65 and a beta of 0.57. The firm has a fifty day simple moving average of $1.04 and a two-hundred day simple moving average of $1.16.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its stake in 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 last quarter. Jane Street Group LLC boosted its position in shares of Lotus Technology by 64.1% during the 1st 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. XTX Topco Ltd acquired a new stake in shares of Lotus Technology in the second quarter valued at $34,000. Finally, Citadel Advisors LLC grew its position in Lotus Technology by 146.0% in the 2nd quarter. Citadel Advisors LLC now owns 105,517 shares of the company’s stock valued at $123,000 after acquiring an additional 62,630 shares in the last quarter. Hedge funds and other institutional investors own 63.40% of the company’s stock.

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.