ECARX (NASDAQ:ECX) Shares Down 6.3% – Here’s What Happened

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

Analysts Set New Price Targets

Several research firms have issued reports on ECX. Weiss Ratings restated a “sell (e+)” rating on shares of ECARX in a research report on Wednesday, January 21st. Wall Street Zen raised ECARX from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, ECARX has an average rating of “Sell”.

ECARX Stock Performance

The business’s 50 day moving average price is $1.79 and its 200-day moving average price is $1.89. The company has a market cap of $578.34 million, a price-to-earnings ratio of -7.80 and a beta of 0.76.

ECARX (NASDAQ:ECX) last posted its earnings results on Thursday, February 12th. The company reported $0.01 earnings per share 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 the consensus estimate of $311.90 million. On average, equities research analysts expect that ECARX Holdings, Inc. will post -0.42 earnings per share for the current fiscal year.

Institutional Trading of ECARX

Several institutional investors have recently bought and sold shares of ECX. Susquehanna Portfolio Strategies LLC acquired a new position in shares of ECARX in the 4th quarter worth approximately $296,000. Tudor Investment Corp ET AL raised its position in ECARX by 66.7% in the 4th quarter. Tudor Investment Corp ET AL now owns 2,134,089 shares of the company’s stock valued at $3,671,000 after purchasing an additional 854,139 shares during the last quarter. Millennium Management LLC bought a new position in ECARX in the 4th quarter valued at $48,000. Marshall Wace LLP acquired a new position in ECARX in the fourth quarter worth $426,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of ECARX during the fourth quarter worth $58,000.

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).