Lotus Technology (NASDAQ:LOT) Shares Gap Up – Still a Buy?

Lotus Technology Inc. (NASDAQ:LOT) gapped up before the market opened on Wednesday . The stock had previously closed at $2.14, but opened at $2.24. Lotus Technology shares last traded at $2.15, with a volume of 23,091 shares.

Lotus Technology Trading Up 4.6%

The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of -1.45 and a beta of 0.27. The stock has a 50-day simple moving average of $1.59 and a 200 day simple moving average of $2.79.

Lotus Technology (NASDAQ:LOT) last announced its quarterly earnings data on Tuesday, April 22nd. The company reported ($0.66) EPS for the quarter. The business had revenue of $271.53 million during the quarter.

Institutional Investors Weigh In On Lotus Technology

Several institutional investors have recently made changes to their positions in the company. Bank of America Corp DE lifted its holdings in shares of Lotus Technology by 178.8% during the 4th quarter. Bank of America Corp DE now owns 7,560 shares of the company’s stock valued at $27,000 after buying an additional 4,848 shares during the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of Lotus Technology during the 3rd quarter valued at about $32,000. Jane Street Group LLC acquired a new stake in shares of Lotus Technology during the 4th quarter valued at about $37,000. Merit Financial Group LLC acquired a new stake in shares of Lotus Technology during the 4th quarter valued at about $46,000. Finally, Bleakley Financial Group LLC acquired a new stake in shares of Lotus Technology during the 4th quarter valued at about $48,000. 63.40% of the stock is currently owned by institutional investors and hedge funds.

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.