Lotus Technology (NASDAQ:LOT) Stock Price Up 7.3% – Here’s Why

Lotus Technology Inc. (NASDAQ:LOT) shares rose 7.3% during trading on Wednesday . The stock traded as high as $1.54 and last traded at $1.61. Approximately 39,930 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 137,483 shares. The stock had previously closed at $1.50.

Lotus Technology Stock Performance

The stock’s 50-day simple moving average is $2.71 and its two-hundred day simple moving average is $3.86. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of -1.05 and a beta of 0.14.

Hedge Funds Weigh In On Lotus Technology

Several large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. acquired a new stake in Lotus Technology in the 3rd quarter valued at approximately $32,000. Bleakley Financial Group LLC acquired a new position in shares of Lotus Technology during the fourth quarter worth approximately $48,000. Tidal Investments LLC bought a new stake in shares of Lotus Technology in the third quarter valued at approximately $402,000. Merit Financial Group LLC acquired a new stake in shares of Lotus Technology in the fourth quarter worth $46,000. Finally, State Street Corp bought a new position in Lotus Technology during the third quarter worth $58,000. Institutional investors and hedge funds own 63.40% of the company’s stock.

Lotus Technology Company Profile

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.