Lotus Technology (NASDAQ:LOT) Trading Up 7.3% – Here’s Why

Lotus Technology Inc. (NASDAQ:LOT)’s stock price shot up 7.3% on Wednesday . The stock traded as high as $1.54 and last traded at $1.61. 39,930 shares were traded during mid-day trading, a decline of 71% from the average session volume of 137,483 shares. The stock had previously closed at $1.50.

Lotus Technology Stock Up 6.3 %

The stock has a market cap of $1.08 billion, a P/E ratio of -1.02 and a beta of 0.14. The stock has a fifty day simple moving average of $2.80 and a 200-day simple moving average of $3.90.

Hedge Funds Weigh In On Lotus Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. acquired a new position in Lotus Technology in the 3rd quarter worth $32,000. Bleakley Financial Group LLC acquired a new position in Lotus Technology during the fourth quarter worth $48,000. Tidal Investments LLC bought a new stake in Lotus Technology during the third quarter worth $402,000. Merit Financial Group LLC acquired a new stake in Lotus Technology in the fourth quarter valued at $46,000. Finally, State Street Corp bought a new position in shares of Lotus Technology during the 3rd quarter worth approximately $58,000. 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.