Lotus Technology (NASDAQ:LOT) Shares Gap Up – Here’s Why

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) shares gapped up before the market opened on Tuesday . The stock had previously closed at $0.8840, but opened at $0.94. Lotus Technology shares last traded at $0.9360, with a volume of 12,502 shares changing hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated 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 data from MarketBeat, the company has an average rating of “Sell”.

Lotus Technology Stock Down 0.3%

The firm’s 50-day moving average is $1.01 and its 200-day moving average is $1.15. The company has a market cap of $608.06 million, a PE ratio of -1.32 and a beta of 0.57.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Lotus Technology stock. Citadel Advisors LLC increased its position in Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) by 146.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 105,517 shares of the company’s stock after purchasing an additional 62,630 shares during the quarter. Citadel Advisors LLC’s holdings in Lotus Technology were worth $123,000 as of its most recent filing with the Securities & Exchange Commission. 63.40% of the stock is currently owned by institutional investors and hedge funds.

Lotus Technology Company Profile

Lotus Technology Inc is a technology-focused luxury electric vehicle company associated with the Lotus automotive brand. The company develops, manufactures and sells battery-electric vehicles that combine performance-oriented engineering with advanced digital and driver-assistance technologies.

Its vehicle portfolio includes the Eletre electric hyper-SUV and the Emeya electric hyper-GT. Lotus Technology is also associated with the Evija, an all-electric hypercar, and supports the development of vehicle software, intelligent driving systems, digital cockpits and other connected-car technologies.

Lotus Technology operates as part of the broader Lotus and Geely automotive ecosystem, with activities spanning China and international markets, including Europe and other regions.