Lotus Technology (NASDAQ:LOT) Trading Down 8.4% – Should You Sell?

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT)’s stock price dropped 8.4% during mid-day trading on Wednesday . The stock traded as low as $1.40 and last traded at $1.3550. Approximately 80,886 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 141,722 shares. The stock had previously closed at $1.48.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Lotus Technology in a research note on Tuesday, April 21st. 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 Trading Down 3.7%

The firm has a 50-day simple moving average of $1.22 and a two-hundred day simple moving average of $1.31. The company has a market capitalization of $914.98 million, a price-to-earnings ratio of -1.98 and a beta of 0.49.

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

Institutional Investors Weigh In On Lotus Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE grew its position in shares of 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 acquiring an additional 4,848 shares during the period. Jane Street Group LLC increased its stake in shares of 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 purchasing an additional 6,629 shares in the last quarter. Finally, XTX Topco Ltd increased its stake in shares of Lotus Technology by 21.3% in the 4th quarter. XTX Topco Ltd now owns 54,711 shares of the company’s stock valued at $77,000 after purchasing an additional 9,605 shares in the last quarter. 63.40% of the stock is owned by institutional investors and hedge funds.

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.