ECARX (NASDAQ:ECX) Trading Down 6.3% – Here’s Why

ECARX Holdings, Inc. (NASDAQ:ECX)’s share price fell 6.3% during mid-day trading on Wednesday . The company traded as low as $1.57 and last traded at $1.5650. 1,340,099 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 3,675,197 shares. The stock had previously closed at $1.67.

Wall Street Analyst Weigh In

ECX has been the topic of several recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of ECARX in a report on Wednesday, January 21st. Wall Street Zen raised ECARX from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has a consensus rating of “Sell”.

ECARX Trading Down 6.6%

The firm’s 50-day simple moving average is $1.79 and its two-hundred day simple moving average is $1.89. The stock has a market capitalization of $578.34 million, a PE ratio of -7.80 and a beta of 0.76.

ECARX (NASDAQ:ECX) last issued its earnings results on Thursday, February 12th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.04. The business had revenue of $301.06 million during the quarter, compared to analyst estimates of $311.90 million. As a group, research analysts expect that ECARX Holdings, Inc. will post -0.42 earnings per share for the current year.

Institutional Trading of ECARX

A number of institutional investors have recently added to or reduced their stakes in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of ECARX in the fourth quarter valued at about $47,000. Millennium Management LLC acquired a new stake in ECARX in the 4th quarter valued at approximately $48,000. Integrated Wealth Concepts LLC bought a new position in ECARX in the 3rd quarter worth approximately $51,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of ECARX during the fourth quarter worth approximately $58,000. Finally, Squarepoint Ops LLC bought a new stake in shares of ECARX in the third quarter valued at approximately $59,000.

About ECARX

ECARX is a global automotive technology company focused on developing and delivering smart cockpit solutions for original equipment manufacturers (OEMs). The company designs and manufactures a range of in-vehicle computing platforms, central processing units, digital instrument clusters and multimedia infotainment systems. ECARX’s core offerings integrate software, hardware and cloud connectivity to create seamless user experiences for drivers and passengers.

The company’s product portfolio spans telematics control units, over-the-air update frameworks and next-generation human-machine interfaces (HMI).