Lotus Technology (NASDAQ:LOT) Shares Up 8.5% – Still a Buy?

Lotus Technology Inc. (NASDAQ:LOT) shares shot up 8.5% during mid-day trading on Tuesday . The company traded as high as $2.54 and last traded at $2.61. 8,007 shares traded hands during trading, a decline of 94% from the average session volume of 135,853 shares. The stock had previously closed at $2.40.

Lotus Technology Stock Down 1.0 %

The firm’s 50 day moving average price is $3.20 and its two-hundred day moving average price is $4.17. The firm has a market capitalization of $1.61 billion, a PE ratio of -1.52 and a beta of 0.10.

Institutional Investors Weigh In On Lotus Technology

A number of hedge funds have recently bought and sold shares of the business. Bank of America Corp DE raised its position 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. JPMorgan Chase & Co. acquired a new position in shares of Lotus Technology in the 3rd quarter valued at about $32,000. Jane Street Group LLC bought a new stake in shares of Lotus Technology during the 4th quarter valued at about $37,000. State Street Corp acquired a new stake in Lotus Technology during the third quarter worth about $58,000. Finally, Merit Financial Group LLC bought a new position in Lotus Technology in the fourth quarter worth about $46,000. Institutional investors and hedge funds own 63.40% of the company’s stock.

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.