ECARX (NASDAQ:ECX) Trading Up 8.9% – Here’s What Happened

ECARX Holdings, Inc. (NASDAQ:ECX) shares were up 8.9% during trading on Thursday . The stock traded as high as $1.60 and last traded at $1.6450. Approximately 791,703 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 3,327,490 shares. The stock had previously closed at $1.51.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ECX shares. Zacks Research lowered ECARX from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 18th. Wall Street Zen raised shares of ECARX from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of ECARX in a research note on Wednesday, January 21st. Two equities research analysts have rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of “Sell”.

ECARX Trading Up 10.3%

The company has a market capitalization of $617.27 million, a price-to-earnings ratio of -8.33 and a beta of 0.76. The firm’s fifty day simple moving average is $1.77 and its two-hundred day simple moving average is $1.89.

ECARX (NASDAQ:ECX) last posted its earnings results on Thursday, February 12th. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. The business had revenue of $301.06 million during the quarter, compared to analysts’ expectations of $311.90 million. As a group, analysts forecast that ECARX Holdings, Inc. will post -0.42 EPS for the current fiscal year.

Institutional Investors Weigh In On ECARX

Institutional investors and hedge funds have recently modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of ECARX in the fourth quarter valued at approximately $47,000. Millennium Management LLC acquired a new stake in ECARX during the 4th quarter worth approximately $48,000. Integrated Wealth Concepts LLC purchased a new position in ECARX in the 3rd quarter valued at approximately $51,000. Caitong International Asset Management Co. Ltd purchased a new position in ECARX in the 4th quarter valued at approximately $58,000. Finally, Squarepoint Ops LLC acquired a new position in shares of ECARX in the third quarter worth $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).