ECARX (NASDAQ:ECX) Stock Jumps 3.7% – Here’s Why

ECARX Holdings, Inc. (NASDAQ:ECX) shot up 3.7% during trading on Monday. The company traded as high as $1.1450 and last traded at $1.13. 1,627,796 shares traded hands during trading, an increase of 39% from the average session volume of 1,170,168 shares. The stock had previously closed at $1.09.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of ECARX in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce”.

ECARX Price Performance

The business has a fifty day moving average of $1.07 and a 200-day moving average of $1.11. The stock has a market capitalization of $402.81 million, a price-to-earnings ratio of -22.60 and a beta of 1.00.

ECARX (NASDAQ:ECX) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The business had revenue of $225.20 million during the quarter, compared to the consensus estimate of $226.91 million. As a group, research analysts anticipate that ECARX Holdings, Inc. will post -0.02 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ECX. Themes Management Co LLC lifted its position in shares of ECARX by 44.9% during the 1st quarter. Themes Management Co LLC now owns 102,625 shares of the company’s stock valued at $100,000 after acquiring an additional 31,801 shares during the last quarter. State of Wyoming grew its holdings in shares of ECARX by 621.4% in the 1st quarter. State of Wyoming now owns 51,897 shares of the company’s stock worth $51,000 after acquiring an additional 44,703 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of ECARX in the 4th quarter worth $175,000. Alpine Global Management LLC acquired a new stake in shares of ECARX during the fourth quarter worth $200,000. Finally, Renaissance Technologies LLC raised its position in shares of ECARX by 9.4% during the first quarter. Renaissance Technologies LLC now owns 2,015,600 shares of the company’s stock worth $1,971,000 after purchasing an additional 173,500 shares during the period.

ECARX Company Profile

ECARX Holdings Inc (NASDAQ: ECX) is an automotive technology company that develops hardware and software for intelligent, connected vehicles. Its solutions are designed to support digital cockpits, in-vehicle infotainment, vehicle connectivity and centralized computing, helping automakers integrate electronic systems and digital services into their vehicles.

The company’s offerings include automotive operating systems, cockpit platforms, infotainment systems, vehicle-computing hardware and cloud-based services.