ECARX (NASDAQ:ECX) Stock Price Up 0.8% – Here’s Why

ECARX Holdings, Inc. (NASDAQ:ECX)’s stock price rose 0.8% during mid-day trading on Wednesday . The company traded as high as $2.40 and last traded at $2.39. Approximately 8,586,439 shares were traded during mid-day trading, an increase of 371% from the average daily volume of 1,824,960 shares. The stock had previously closed at $2.37.

Wall Street Analysts Forecast Growth

ECX has been the subject of several recent research reports. Wall Street Zen cut ECARX from a “hold” rating to a “sell” rating in a research note on Saturday, August 30th. Weiss Ratings reiterated a “sell (e+)” rating on shares of ECARX in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, ECARX currently has a consensus rating of “Hold” and a consensus price target of $3.20.

ECARX Trading Up 0.8%

The company has a market capitalization of $886.04 million, a PE ratio of -6.64 and a beta of 0.71. The stock has a fifty day simple moving average of $1.93 and a 200-day simple moving average of $1.68.

ECARX (NASDAQ:ECX) last posted its earnings results on Tuesday, August 26th. The company reported ($0.13) earnings per share for the quarter. The company had revenue of $155.30 million during the quarter, compared to analysts’ expectations of $223.92 million. As a group, equities research analysts predict that ECARX Holdings, Inc. will post -0.42 EPS for the current year.

Institutional Investors Weigh In On ECARX

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. State of Wyoming purchased a new stake in ECARX in the second quarter valued at $167,000. Tower Research Capital LLC TRC purchased a new stake in shares of ECARX in the 2nd quarter valued at about $71,000. Invesco Ltd. lifted its stake in ECARX by 5.8% in the second quarter. Invesco Ltd. now owns 253,689 shares of the company’s stock valued at $520,000 after buying an additional 13,859 shares during the last quarter. Legal & General Group Plc purchased a new stake in ECARX in the second quarter valued at approximately $2,341,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in ECARX in the 2nd quarter valued at $1,722,000.

ECARX Company Profile

ECARX Holdings Inc develops a full stack automotive computing platform to shape the interaction between people and cars by rapidly advancing the technology by smart mobility worldwide. It offers system on chips, central computing platforms, operating systems, and software. Its core products include infotainment head units, digital cockpits, vehicle chip-set solutions, core operating system, and integrated software stack.