Lotus Technology (NASDAQ:LOT) Shares Gap Up – Should You Buy?

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) shares gapped up before the market opened on Wednesday . The stock had previously closed at $1.1850, but opened at $1.2550. Lotus Technology shares last traded at $1.21, with a volume of 6,251 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lotus Technology in a research note on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, According to MarketBeat, Lotus Technology presently has an average rating of “Sell”.

Lotus Technology Stock Up 2.1%

The company has a market cap of $776.93 million, a price-to-earnings ratio of -1.68 and a beta of 0.49. The firm has a 50 day moving average price of $1.31 and a two-hundred day moving average price of $1.27.

Lotus Technology (NASDAQ:LOT) last issued its quarterly earnings results on Friday, April 10th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The firm had revenue of $163.34 million during the quarter, compared to analyst estimates of $153.86 million. On average, equities analysts expect that Lotus Technology Inc. Sponsored ADR will post -0.71 earnings per share for the current year.

Hedge Funds Weigh In On Lotus Technology

Several institutional investors have recently added to or reduced their stakes in LOT. Bank of America Corp DE lifted its stake in Lotus Technology by 178.8% in the fourth quarter. Bank of America Corp DE now owns 7,560 shares of the company’s stock valued at $27,000 after buying an additional 4,848 shares during the period. Jane Street Group LLC lifted its stake in 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 buying an additional 6,629 shares during the period. Finally, XTX Topco Ltd acquired a new position in Lotus Technology in the second quarter valued at approximately $34,000. 63.40% of the stock is owned by institutional investors and hedge funds.

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.