Lotus Technology (NASDAQ:LOT) Shares Gap Up – Here’s Why

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) shares gapped up before the market opened on Tuesday . The stock had previously closed at $1.10, but opened at $1.18. Lotus Technology shares last traded at $1.10, with a volume of 11,885 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lotus Technology in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has an average rating of “Sell”.

Lotus Technology Stock Performance

The firm’s 50-day simple moving average is $1.23 and its 200-day simple moving average is $1.53. The company has a market capitalization of $752.85 million, a price-to-earnings ratio of -0.90 and a beta of 0.42.

Institutional Investors Weigh In On Lotus Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC boosted its position 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 valued at $27,000 after acquiring an additional 6,629 shares during the period. Bank of America Corp DE grew its position in Lotus Technology by 178.8% during the 4th quarter. Bank of America Corp DE now owns 7,560 shares of the company’s stock worth $27,000 after acquiring an additional 4,848 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Lotus Technology during the second quarter worth about $34,000. 63.40% of the stock is owned by 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.