Lotus Technology (NASDAQ:LOT) Shares Down 8% – Here’s Why

Lotus Technology Inc. (NASDAQ:LOT) shares dropped 8% during mid-day trading on Wednesday . The stock traded as low as $3.66 and last traded at $3.67. Approximately 77,541 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 104,364 shares. The stock had previously closed at $3.99.

Lotus Technology Trading Down 9.5 %

The company has a current ratio of 0.61, a quick ratio of 0.46 and a debt-to-equity ratio of 7.93. The firm has a market capitalization of $2.44 billion, a P/E ratio of -2.31 and a beta of 0.13. The business has a 50 day moving average of $4.03 and a 200-day moving average of $5.01.

Institutional Trading of Lotus Technology

A number of institutional investors have recently modified their holdings of the company. Tidal Investments LLC bought a new position in Lotus Technology in the third quarter valued at $402,000. State Street Corp acquired a new position in shares of Lotus Technology during the 3rd quarter worth about $58,000. Finally, JPMorgan Chase & Co. bought a new position in shares of Lotus Technology in the 3rd quarter valued at about $32,000. 63.40% of the stock is currently owned by 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.