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

Shares of Lotus Technology Inc. (NASDAQ:LOT) hit a new 52-week low during mid-day trading on Saturday . The stock traded as low as $3.05 and last traded at $3.19, with a volume of 114815 shares trading hands. The stock had previously closed at $3.21.

Lotus Technology Stock Performance

The firm has a market cap of $2.16 billion, a P/E ratio of -2.04 and a beta of 0.13. The stock’s 50-day moving average is $3.76 and its 200 day moving average is $4.69.

Lotus Technology (NASDAQ:LOT) last announced its quarterly earnings results on Thursday, November 21st. The company reported ($0.30) earnings per share (EPS) for the quarter.

Institutional Investors Weigh In On Lotus Technology

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

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.