Lotus Technology (NASDAQ:LOT) Stock Price Down 4.3% – Here’s Why

Lotus Technology Inc. (NASDAQ:LOT) shares dropped 4.3% on Friday . The company traded as low as $1.60 and last traded at $1.57. Approximately 94,112 shares traded hands during trading, a decline of 27% from the average daily volume of 129,312 shares. The stock had previously closed at $1.64.

Lotus Technology Price Performance

The stock has a market capitalization of $1.09 billion, a P/E ratio of -1.03 and a beta of 0.14. The company’s 50-day simple moving average is $2.71 and its 200-day simple moving average is $3.86.

Institutional Investors Weigh In On Lotus Technology

Several hedge funds have recently bought and sold shares of LOT. State Street Corp bought a new stake in Lotus Technology in the third quarter valued at approximately $58,000. Tidal Investments LLC acquired a new position in shares of Lotus Technology during the 3rd quarter worth approximately $402,000. JPMorgan Chase & Co. bought a new stake in Lotus Technology in the 3rd quarter valued at $32,000. Merit Financial Group LLC acquired a new stake in Lotus Technology during the 4th quarter valued at $46,000. Finally, Drive Wealth Management LLC acquired a new position in shares of Lotus Technology in the fourth quarter valued at $89,000. 63.40% of the stock is currently owned by institutional investors and hedge funds.

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.