Lotus Technology (NASDAQ:LOT) Trading 6% Higher – Here’s What Happened

Lotus Technology Inc. (NASDAQ:LOT)’s stock price shot up 6% during mid-day trading on Monday . The company traded as high as $1.43 and last traded at $1.40. 15,411 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 158,213 shares. The stock had previously closed at $1.32.

Lotus Technology Price Performance

The business has a 50-day moving average of $1.65 and a 200-day moving average of $3.02. The firm has a market cap of $948.12 million, a price-to-earnings ratio of -0.90 and a beta of 0.28.

Lotus Technology (NASDAQ:LOT) last posted its earnings results on Tuesday, April 22nd. The company reported ($0.66) earnings per share for the quarter. The firm had revenue of $271.53 million during the quarter.

Institutional Investors Weigh In On Lotus Technology

Several hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. bought a new stake in Lotus Technology in the third quarter valued at $32,000. Bank of America Corp DE boosted its holdings in 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 purchasing an additional 4,848 shares during the last quarter. Jane Street Group LLC bought a new stake in Lotus Technology in the fourth quarter worth about $37,000. State Street Corp bought a new stake in Lotus Technology in the third quarter worth about $58,000. Finally, Merit Financial Group LLC bought a new stake in shares of Lotus Technology in the fourth quarter valued at approximately $46,000. 63.40% of the stock is currently 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.