Lotus Technology (NASDAQ:LOT) Shares Gap Up – Here’s What Happened

Lotus Technology Inc. (NASDAQ:LOT)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $1.32, but opened at $1.45. Lotus Technology shares last traded at $1.28, with a volume of 47,177 shares traded.

Lotus Technology Price Performance

The stock has a market capitalization of $887.17 million, a P/E ratio of -0.84 and a beta of 0.28. The stock has a 50 day moving average price of $1.82 and a 200-day moving average price of $3.21.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. purchased a new position in shares of Lotus Technology in the third quarter valued at about $32,000. Bank of America Corp DE grew its position in shares of Lotus Technology by 178.8% in the 4th quarter. Bank of America Corp DE now owns 7,560 shares of the company’s stock worth $27,000 after buying an additional 4,848 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Lotus Technology during the fourth quarter valued at approximately $37,000. State Street Corp purchased a new stake in Lotus Technology in the third quarter worth $58,000. Finally, Merit Financial Group LLC bought a new stake in Lotus Technology in the fourth quarter valued at $46,000. 63.40% of the stock is 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.