Lotus Technology (NASDAQ:LOT) Trading Down 4.3% – Here’s What Happened

Lotus Technology Inc. (NASDAQ:LOT)’s share price dropped 4.3% during mid-day trading on Friday . The stock traded as low as $1.60 and last traded at $1.57. Approximately 94,112 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 129,312 shares. The stock had previously closed at $1.64.

Lotus Technology Stock Down 1.8 %

The firm has a market capitalization of $1.09 billion, a PE ratio of -1.03 and a beta of 0.14. The firm’s fifty day simple moving average is $2.67 and its 200-day simple moving average is $3.82.

Institutional Investors Weigh In On Lotus Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LOT. JPMorgan Chase & Co. purchased a new stake in shares of Lotus Technology during the 3rd quarter worth approximately $32,000. Bleakley Financial Group LLC purchased a new stake in Lotus Technology in the fourth quarter worth $48,000. Tidal Investments LLC bought a new stake in Lotus Technology during the 3rd quarter valued at about $402,000. Merit Financial Group LLC bought a new position in Lotus Technology in the fourth quarter worth approximately $46,000. Finally, State Street Corp purchased a new stake in Lotus Technology in the third quarter worth about $58,000. 63.40% of the stock is owned by hedge funds and other 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.