Lotus Technology (NASDAQ:LOT) Stock Price Down 9.1% – Here’s Why

Lotus Technology Inc. Sponsored ADR (NASDAQ:LOT)’s share price was down 9.1% during mid-day trading on Monday . The stock traded as low as $1.00 and last traded at $0.9910. 132,652 shares traded hands during trading, a decline of 28% from the average session volume of 185,273 shares. The stock had previously closed at $1.09.

Analyst Upgrades and Downgrades

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

Lotus Technology Trading Down 8.2%

The business has a 50-day moving average of $1.04 and a two-hundred day moving average of $1.16. The firm has a market cap of $642.73 million, a P/E ratio of -1.40 and a beta of 0.57.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Citadel Advisors LLC grew its holdings in Lotus Technology by 146.0% during the 2nd quarter. Citadel Advisors LLC now owns 105,517 shares of the company’s stock worth $123,000 after acquiring an additional 62,630 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Lotus Technology during the second quarter valued at $34,000. Jane Street Group LLC raised its stake in shares of Lotus Technology by 64.1% during 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 during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of 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 own 63.40% of the company’s stock.

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.