ECARX (NASDAQ:ECX) Trading Down 0.8% – Here’s Why

ECARX Holdings, Inc. (NASDAQ:ECX)’s stock price dropped 0.8% during trading on Wednesday . The stock traded as low as $1.25 and last traded at $1.28. Approximately 930,810 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 3,098,029 shares. The stock had previously closed at $1.29.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ECX. Zacks Research raised ECARX from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 14th. Weiss Ratings reiterated a “sell (e+)” rating on shares of ECARX in a report on Monday, April 20th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce”.

ECARX Stock Performance

The firm has a 50-day simple moving average of $1.14 and a two-hundred day simple moving average of $1.39. The company has a market capitalization of $445.59 million, a price-to-earnings ratio of -8.33 and a beta of 0.98.

ECARX (NASDAQ:ECX) last announced its quarterly earnings results on Tuesday, May 19th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.02). The firm had revenue of $131.50 million during the quarter, compared to analyst estimates of $204.66 million. On average, sell-side analysts forecast that ECARX Holdings, Inc. will post -0.04 earnings per share for the current year.

Hedge Funds Weigh In On ECARX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in ECARX during the 4th quarter valued at $47,000. Millennium Management LLC bought a new position in shares of ECARX during the 4th quarter worth about $48,000. State of Wyoming increased its holdings in shares of ECARX by 621.4% during the 1st quarter. State of Wyoming now owns 51,897 shares of the company’s stock worth $51,000 after purchasing an additional 44,703 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of ECARX during the third quarter valued at about $51,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of ECARX during the fourth quarter valued at about $58,000.

ECARX Company Profile

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).