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

Shares of Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) gapped up before the market opened on Friday . The stock had previously closed at $1.01, but opened at $1.06. Lotus Technology shares last traded at $1.05, with a volume of 15,445 shares.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Lotus Technology in a report on Friday, July 17th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has an average rating of “Sell”.

Lotus Technology Stock Up 4.0%

The firm’s fifty day simple moving average is $1.04 and its 200-day simple moving average is $1.16. The company has a market cap of $674.19 million, a PE ratio of -1.46 and a beta of 0.57.

Hedge Funds Weigh In On Lotus Technology

A number of institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC lifted 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 acquiring an additional 6,629 shares in the last quarter. Bank of America Corp DE raised its stake in Lotus Technology by 178.8% in the 4th quarter. Bank of America Corp DE now owns 7,560 shares of the company’s stock valued at $27,000 after purchasing an additional 4,848 shares during the last quarter. XTX Topco Ltd acquired a new position in Lotus Technology in the 2nd quarter valued at about $34,000. Finally, Citadel Advisors LLC raised its stake in Lotus Technology by 146.0% in the 2nd quarter. Citadel Advisors LLC now owns 105,517 shares of the company’s stock valued at $123,000 after purchasing an additional 62,630 shares during the last quarter. 63.40% of the stock is 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.