Lotus Technology (NASDAQ:LOT) Trading Down 8.3% – Here’s Why

Lotus Technology Inc. (NASDAQ:LOT) fell 8.3% on Friday . The stock traded as low as $2.00 and last traded at $2.05. 71,289 shares were traded during trading, a decline of 48% from the average session volume of 136,767 shares. The stock had previously closed at $2.23.

Lotus Technology Trading Down 4.5 %

The company has a 50-day moving average price of $3.10 and a two-hundred day moving average price of $4.10. The stock has a market cap of $1.44 billion, a P/E ratio of -1.37 and a beta of 0.09.

Hedge Funds Weigh In On Lotus Technology

A number of large investors have recently bought and sold shares of LOT. Bank of America Corp DE boosted its holdings 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 valued at $27,000 after acquiring an additional 4,848 shares during the period. JPMorgan Chase & Co. purchased a new position in Lotus Technology during the 3rd quarter valued at $32,000. Jane Street Group LLC purchased a new position in Lotus Technology during the 4th quarter valued at $37,000. Merit Financial Group LLC purchased a new position in Lotus Technology during the 4th quarter valued at $46,000. Finally, Bleakley Financial Group LLC purchased a new position in Lotus Technology during the 4th quarter valued at $48,000. Hedge funds and other institutional investors 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.