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

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) gapped down prior to trading on Monday . The stock had previously closed at $1.10, but opened at $1.0550. Lotus Technology shares last traded at $1.1290, with a volume of 29,799 shares changing hands.

Analyst Upgrades and Downgrades

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

Lotus Technology Stock Performance

The stock has a market capitalization of $751.25 million, a price-to-earnings ratio of -1.62 and a beta of 0.49. The firm has a fifty day moving average of $1.26 and a 200-day moving average of $1.26.

Lotus Technology (NASDAQ:LOT) last released its quarterly earnings data on Friday, April 10th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.02. The company had revenue of $163.34 million during the quarter, compared to analysts’ expectations of $153.86 million. On average, analysts predict that Lotus Technology Inc. Sponsored ADR will post -0.71 EPS for the current year.

Hedge Funds Weigh In On Lotus Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC boosted 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 valued at $27,000 after buying an additional 6,629 shares during the last quarter. Bank of America Corp DE increased its position in shares of Lotus Technology by 178.8% during the fourth 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 purchased 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 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.