Lotus Technology (NASDAQ:LOT) Sets New 52-Week Low – Here’s Why

Lotus Technology Inc. (NASDAQ:LOT)’s share price hit a new 52-week low during trading on Thursday . The company traded as low as $1.42 and last traded at $1.46, with a volume of 68107 shares changing hands. The stock had previously closed at $1.58.

Lotus Technology Price Performance

The company has a fifty day moving average price of $2.14 and a 200 day moving average price of $3.46. The stock has a market cap of $937.97 million, a P/E ratio of -0.89 and a beta of 0.28.

Institutional Trading of Lotus Technology

Several hedge funds have recently bought and sold shares of LOT. Bank of America Corp DE lifted its stake in shares of Lotus Technology by 178.8% in the fourth quarter. Bank of America Corp DE now owns 7,560 shares of the company’s stock valued at $27,000 after buying an additional 4,848 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in shares of Lotus Technology during the third quarter worth about $32,000. Jane Street Group LLC acquired a new stake in shares of Lotus Technology in the 4th quarter worth about $37,000. Merit Financial Group LLC bought a new position in Lotus Technology in the 4th quarter valued at about $46,000. Finally, Bleakley Financial Group LLC bought a new position in Lotus Technology in the 4th quarter valued at about $48,000. 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.