Lotus Technology (NASDAQ:LOT) Trading Up 7.8% – Still a Buy?

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) shot up 7.8% on Thursday . The stock traded as high as $0.91 and last traded at $0.9570. Approximately 10,079 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 125,777 shares. The stock had previously closed at $0.8881.

Wall Street Analysts Forecast Growth

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

Lotus Technology Price Performance

The business has a 50 day moving average of $1.20 and a 200 day moving average of $1.23. The firm has a market capitalization of $599.07 million, a price-to-earnings ratio of -1.30 and a beta of 0.49.

Hedge Funds Weigh In On Lotus Technology

Hedge funds have recently made changes to their positions in the business. XTX Topco Ltd bought a new stake in Lotus Technology in the second quarter valued at about $34,000. Jane Street Group LLC lifted its stake in Lotus Technology by 64.1% during the first quarter. Jane Street Group LLC now owns 16,966 shares of the company’s stock worth $27,000 after purchasing an additional 6,629 shares during the period. Finally, Bank of America Corp DE lifted its stake in 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 during the period. 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.