Lotus Technology (NASDAQ:LOT) Stock Price Down 4.4% – Here’s Why

Lotus Technology Inc. (NASDAQ:LOT)’s share price fell 4.4% during mid-day trading on Thursday . The company traded as low as $1.90 and last traded at $1.94. 52,793 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 146,134 shares. The stock had previously closed at $2.03.

Lotus Technology Trading Down 9.7 %

The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -1.18 and a beta of 0.14. The firm’s fifty day moving average price is $2.38 and its 200 day moving average price is $3.62.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Mariner LLC acquired a new position in Lotus Technology during the 4th quarter worth about $1,426,000. Tidal Investments LLC acquired a new stake in shares of Lotus Technology during the third quarter worth about $402,000. Townsquare Capital LLC acquired a new stake in shares of Lotus Technology during the fourth quarter worth about $236,000. Orion Portfolio Solutions LLC acquired a new position in shares of Lotus Technology in the fourth quarter valued at approximately $165,000. Finally, Savant Capital LLC acquired a new position in shares of Lotus Technology in the fourth quarter valued at approximately $109,000. 63.40% of the stock is currently owned by hedge funds and other institutional investors.

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.