Lotus Technology (NASDAQ:LOT) Shares Down 4.3% – Here’s What Happened

Lotus Technology Inc. (NASDAQ:LOT)’s share price traded down 4.3% on Friday . The stock traded as low as $1.60 and last traded at $1.57. 94,112 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 129,312 shares. The stock had previously closed at $1.64.

Lotus Technology Trading Down 1.8 %

The firm has a market cap of $1.09 billion, a price-to-earnings ratio of -1.03 and a beta of 0.14. The firm’s 50 day simple moving average is $2.71 and its two-hundred day simple moving average is $3.86.

Institutional Investors Weigh In On Lotus Technology

A number of large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its stake in 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 acquiring an additional 4,848 shares during the period. JPMorgan Chase & Co. bought a new position in shares of Lotus Technology in the third quarter worth $32,000. Jane Street Group LLC acquired a new position in Lotus Technology in the fourth quarter valued at about $37,000. State Street Corp bought a new stake in Lotus Technology during the third quarter worth about $58,000. Finally, Merit Financial Group LLC acquired a new stake in Lotus Technology during the fourth quarter worth about $46,000. Institutional investors and hedge funds own 63.40% of the company’s stock.

About Lotus Technology

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.