Lotus Technology (NASDAQ:LOT) Shares Down 9.1% - Time to Sell?

Key Points

• Lotus Technology shares fell 9.1% in midday trading to about $0.99, with trading volume below the stock’s average. The company’s market capitalization is approximately $642.7 million.
• Weiss Ratings reaffirmed a “sell (e+)” rating, and MarketBeat reported a consensus “Sell” rating from the analyst covering the stock.
• Institutional ownership stands at 63.4%, with firms including Jane Street, Bank of America, XTX Topco, and Citadel recently increasing their positions.

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT - Get Free Report)'s stock price was down 9.1% during mid-day trading on Monday . The company traded as low as $1.00 and last traded at $0.9910. Approximately 132,652 shares were traded during trading, a decline of 28% from the average daily volume of 185,273 shares. The stock had previously closed at $1.09.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "sell (e+)" rating on shares of Lotus Technology in a research note on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has a consensus rating of "Sell".

Lotus Technology Stock Down 8.2%

The stock has a market capitalization of $642.73 million, a price-to-earnings ratio of -1.40 and a beta of 0.57. The business's 50 day simple moving average is $1.04 and its 200-day simple moving average is $1.16.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC increased its stake in shares of Lotus Technology by 64.1% in the 1st 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 last quarter. Bank of America Corp DE grew 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 acquiring an additional 4,848 shares during the last quarter. XTX Topco Ltd bought a new position in Lotus Technology in the second quarter valued at about $34,000. Finally, Citadel Advisors LLC raised its stake in Lotus Technology by 146.0% during the second quarter. Citadel Advisors LLC now owns 105,517 shares of the company's stock worth $123,000 after acquiring an additional 62,630 shares in the last quarter. 63.40% of the stock is currently owned by institutional investors and hedge funds.

About Lotus Technology

Lotus Technology Inc is a technology-focused luxury electric vehicle company associated with the Lotus automotive brand. The company develops, manufactures and sells battery-electric vehicles that combine performance-oriented engineering with advanced digital and driver-assistance technologies.

Its vehicle portfolio includes the Eletre electric hyper-SUV and the Emeya electric hyper-GT. Lotus Technology is also associated with the Evija, an all-electric hypercar, and supports the development of vehicle software, intelligent driving systems, digital cockpits and other connected-car technologies.

Lotus Technology operates as part of the broader Lotus and Geely automotive ecosystem, with activities spanning China and international markets, including Europe and other regions.

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