Lotus Technology (NASDAQ:LOT) Shares Gap Up - Should You Buy?

Key Points

• Lotus Technology's shares opened at $2.09, up from a previous close of $2.01, indicating a positive market sentiment despite a recent decline of 0.7%.
• The company reported a quarterly loss of ($0.20) earnings per share and revenue of $125.50 million during its last earnings release.
• Institutional investors hold 63.40% of Lotus Technology's stock, with notable increases in holdings from firms like Jane Street Group and Bank of America Corp.

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $2.01, but opened at $2.09. Lotus Technology shares last traded at $2.01, with a volume of 7,136 shares.

Lotus Technology Price Performance

The firm has a market cap of $1.40 billion, a price-to-earnings ratio of -1.41 and a beta of 0.44. The firm's 50 day moving average price is $2.11 and its two-hundred day moving average price is $1.94.

Lotus Technology (NASDAQ:LOT - Get Free Report) last announced its earnings results on Friday, August 29th. The company reported ($0.20) earnings per share for the quarter. The firm had revenue of $125.50 million for the quarter.

Institutional Investors Weigh In On Lotus Technology

A number of hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd acquired a new stake in Lotus Technology in the second quarter valued at about $34,000. Jane Street Group LLC lifted its position in Lotus Technology by 64.1% in the first 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 during the period. Tidal Investments LLC lifted its position in Lotus Technology by 39.0% in the fourth quarter. Tidal Investments LLC now owns 110,270 shares of the company's stock valued at $401,000 after purchasing an additional 30,933 shares during the period. Finally, Bank of America Corp DE lifted its position in Lotus Technology by 178.8% in the fourth 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 period. Institutional investors and hedge funds 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.