Lotus Technology (NASDAQ:LOT) Shares Gap Up - What's Next?

Key Points

• Lotus Technology Inc. shares opened at $2.11 after closing at $2.00, with a recent trading price of $2.03 and a trading volume of 25,621 shares.
• Despite the price movement, Weiss Ratings has affirmed a "sell (e+)" rating, indicating that the overall consensus rating for the stock remains a Sell.
• Institutional investors have significantly increased their stakes in Lotus Technology, with an ownership of 63.40% currently held by hedge funds and other institutional entities.

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $2.00, but opened at $2.11. Lotus Technology shares last traded at $2.03, with a volume of 25,621 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Lotus Technology in a research report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has a consensus rating of "Sell".

Lotus Technology Trading Up 1.3%

The company has a market cap of $1.37 billion, a price-to-earnings ratio of -1.41 and a beta of 0.44. The business has a fifty day moving average of $2.06 and a two-hundred day moving average of $1.98.

Lotus Technology (NASDAQ:LOT - Get Free Report) last posted its quarterly earnings data on Friday, August 29th. The company reported ($0.20) EPS for the quarter. The business had revenue of $125.50 million during the quarter.

Institutional Investors Weigh In On Lotus Technology

A number of large investors have recently made changes to their positions in LOT. Bank of America Corp DE grew its position in shares of 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 in the last quarter. Jane Street Group LLC grew its position in shares of 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 in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Lotus Technology in the second quarter valued at approximately $34,000. 63.40% of the stock is currently owned by hedge funds and other 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.

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