Lotus Technology (NASDAQ:LOT) Trading Down 4.4% – Here’s What Happened

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

Lotus Technology Trading Down 2.7 %

The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -1.15 and a beta of 0.14. The stock has a 50-day simple moving average of $2.31 and a 200-day simple moving average of $3.59.

Institutional Investors Weigh In On Lotus Technology

A number of institutional investors have recently modified their holdings of LOT. JPMorgan Chase & Co. bought a new position in Lotus Technology during the third quarter worth $32,000. Bleakley Financial Group LLC acquired a new stake in shares of Lotus Technology during the fourth quarter worth $48,000. Tidal Investments LLC bought a new position in shares of Lotus Technology in the 3rd quarter worth about $402,000. Merit Financial Group LLC acquired a new position in shares of Lotus Technology in the 4th quarter valued at about $46,000. Finally, State Street Corp bought a new stake in shares of Lotus Technology during the 3rd quarter valued at about $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.