Lotus Technology (NASDAQ:LOT) Shares Down 5.9% – What’s Next?

Lotus Technology Inc. (NASDAQ:LOT)’s stock price fell 5.9% during trading on Wednesday . The stock traded as low as $2.85 and last traded at $2.84. 127,413 shares traded hands during mid-day trading, a decline of 6% from the average session volume of 135,248 shares. The stock had previously closed at $3.02.

Lotus Technology Trading Down 9.4 %

The stock’s 50-day moving average is $3.29 and its 200-day moving average is $4.28. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -1.73 and a beta of 0.09.

Lotus Technology (NASDAQ:LOT) last announced its quarterly earnings results on Thursday, November 21st. The company reported ($0.30) earnings per share (EPS) for the quarter.

Institutional Investors Weigh In On Lotus Technology

A number of institutional investors have recently modified their holdings of the company. Bank of America Corp DE boosted its stake in shares of Lotus Technology by 178.8% in 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 last quarter. JPMorgan Chase & Co. bought a new position in Lotus Technology during the third quarter worth $32,000. Jane Street Group LLC bought a new position in Lotus Technology during the fourth quarter worth $37,000. State Street Corp bought a new position in Lotus Technology during the third quarter worth $58,000. Finally, Merit Financial Group LLC bought a new position in Lotus Technology during the fourth quarter worth $46,000. 63.40% of the stock is owned by institutional investors.

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.