On Tuesday, Lotus Technology Inc. (NASDAQ: LOT) experienced a 6.7% decrease in its stock price, with shares trading as low as $6.15 and closing at $6.23. Trading volume was lower than average, with only 72,611 shares changing hands compared to the daily average of 154,145 shares. The stock had closed at $6.68 prior to this decrease.
Lotus Technology recently reported its quarterly earnings results on May 29th, with the company posting ($0.47) earnings per share for the quarter and revenue of $173.08 million. The company is primarily engaged in designing, developing, and selling battery electric lifestyle vehicles globally, along with distributing sports cars under the Lotus brand. Based in Shanghai, China, Lotus Technology Inc. continues to expand its presence in the electric vehicle market.
Analyst ratings for Lotus Technology also saw a change, with Deutsche Bank Aktiengesellschaft initiating coverage on the stock and giving it a “hold” rating with a price target of $7.00. The company’s 50-day simple moving average is $7.86, and it has a debt-to-equity ratio of 7.93, a current ratio of 0.78, and a quick ratio of 0.57
