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. Despite the decrease in price, trading volume was lower than average, with only 72,611 shares changing hands compared to the daily average of 154,145 shares. Prior to this decrease, the stock had closed at $6.68.
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. Based in Shanghai, China, Lotus Technology is primarily engaged in designing, developing, and selling battery electric lifestyle vehicles globally, along with distributing sports cars under the Lotus brand.
In addition to its earnings report, Lotus Technology also received coverage from Deutsche Bank Aktiengesellschaft which initiated coverage on the stock and gave 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