Lotus Technology (NASDAQ:LOT) Stock Price Up 4.3% – Here’s Why

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) shares traded up 4.3% during trading on Wednesday . The stock traded as high as $1.2180 and last traded at $1.20. Approximately 234,480 shares were traded during trading, an increase of 58% from the average session volume of 148,305 shares. The stock had previously closed at $1.15.

Analysts Set New Price Targets

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

Lotus Technology Price Performance

The company has a market cap of $763.45 million, a P/E ratio of -1.65 and a beta of 0.52. The stock’s 50-day moving average is $1.03 and its two-hundred day moving average is $1.16.

Hedge Funds Weigh In On Lotus Technology

Several hedge funds and other institutional investors have recently modified their holdings of LOT. Bank of America Corp DE boosted 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 worth $27,000 after buying an additional 4,848 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of 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 acquiring an additional 6,629 shares during the period. Finally, XTX Topco Ltd purchased a new stake in Lotus Technology during the second quarter valued at $34,000. 63.40% of the stock is owned by 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.