Lotus Technology (NASDAQ:LOT) Shares Gap Up After Earnings Beat

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT) gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $1.19, but opened at $1.28. Lotus Technology shares last traded at $1.2650, with a volume of 542,836 shares trading hands.

The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.06. The company had revenue of $134.05 million for the quarter, compared to the consensus estimate of $139.65 million.

Analyst Ratings Changes

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

Institutional Trading of Lotus Technology

A number of hedge funds have recently modified their holdings of the company. Bank of America Corp DE grew 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 worth $27,000 after purchasing an additional 4,848 shares in the last quarter. Jane Street Group LLC raised its stake 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 purchasing an additional 6,629 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Lotus Technology in the second quarter valued at $34,000. Institutional investors own 63.40% of the company’s stock.

Lotus Technology Stock Up 6.1%

The stock has a market capitalization of $810.32 million, a P/E ratio of -1.78 and a beta of 0.52. The firm has a 50-day moving average of $1.03 and a 200 day moving average of $1.16.

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.