Lotus Technology (NASDAQ:LOT) Stock Price Up 2% – Here’s Why

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) rose 2% during trading on Friday . The stock traded as high as $2.05 and last traded at $2.03. Approximately 186,672 shares were traded during mid-day trading, an increase of 178% from the average daily volume of 67,234 shares. The stock had previously closed at $1.99.

Lotus Technology Stock Performance

The stock’s 50-day simple moving average is $2.10 and its 200-day simple moving average is $1.94. The firm has a market capitalization of $1.38 billion, a PE ratio of -1.41 and a beta of 0.44.

Lotus Technology (NASDAQ:LOT) last released 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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. XTX Topco Ltd purchased a new position in shares of Lotus Technology during the second quarter valued at $34,000. Jane Street Group LLC increased 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 buying an additional 6,629 shares in the last quarter. Tidal Investments LLC increased its position in shares of 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 buying an additional 30,933 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of 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 in the last quarter. 63.40% of the stock is currently 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.