Lotus Technology (NASDAQ:LOT) Shares Down 6.6% – Here’s Why

Lotus Technology Inc. (NASDAQ:LOT) was down 6.6% on Wednesday . The company traded as low as $3.35 and last traded at $3.42. Approximately 53,810 shares traded hands during trading, a decline of 57% from the average daily volume of 124,636 shares. The stock had previously closed at $3.66.

Lotus Technology Stock Performance

The company has a 50 day simple moving average of $4.32 and a 200-day simple moving average of $5.65. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.61 and a quick ratio of 0.46. The stock has a market cap of $2.31 billion, a P/E ratio of -2.17 and a beta of 0.10.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Lotus Technology stock. Tidal Investments LLC acquired a new stake in shares of Lotus Technology Inc. (NASDAQ:LOT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 79,337 shares of the company’s stock, valued at approximately $402,000. Institutional investors own 63.40% of the company’s stock.

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.