Lotus Technology (NASDAQ:LOT) Shares Gap Up After Earnings Beat

Shares of Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $1.19, but opened at $1.28. Lotus Technology shares last traded at $1.2650, with a volume of 542,836 shares trading hands.

The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.06. The business had revenue of $134.05 million for the quarter, compared to analyst estimates of $139.65 million.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Lotus Technology

Several large investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its stake 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 valued at $27,000 after purchasing an additional 4,848 shares during the period. XTX Topco Ltd bought a new position in Lotus Technology in the 2nd quarter worth approximately $34,000. Finally, Jane Street Group LLC increased its position in Lotus Technology by 64.1% in the 1st quarter. Jane Street Group LLC now owns 16,966 shares of the company’s stock worth $27,000 after buying an additional 6,629 shares during the period. Institutional investors and hedge funds own 63.40% of the company’s stock.

Lotus Technology Price Performance

The company has a market capitalization of $810.32 million, a price-to-earnings ratio of -1.78 and a beta of 0.52. The business has a fifty day moving average price of $1.03 and a 200 day moving average price of $1.16.

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.