ECARX (NASDAQ:ECX) Shares Gap Up – Here’s Why

Shares of ECARX Holdings, Inc. (NASDAQ:ECX) gapped up before the market opened on Thursday . The stock had previously closed at $1.86, but opened at $2.00. ECARX shares last traded at $1.8950, with a volume of 4,048,657 shares traded.

Analysts Set New Price Targets

Several equities analysts have commented on ECX shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of ECARX in a research report on Wednesday, January 21st. Wall Street Zen upgraded shares of ECARX from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, ECARX currently has an average rating of “Hold” and a consensus price target of $3.20.

ECARX Price Performance

The firm has a market capitalization of $709.95 million, a P/E ratio of -8.70 and a beta of 0.76. The company has a fifty day moving average of $1.80 and a 200 day moving average of $1.88.

Hedge Funds Weigh In On ECARX

A number of hedge funds have recently bought and sold shares of ECX. Tudor Investment Corp ET AL boosted its position in ECARX by 430.1% during the third quarter. Tudor Investment Corp ET AL now owns 1,279,950 shares of the company’s stock valued at $2,573,000 after acquiring an additional 1,038,476 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of ECARX by 1.4% in the 3rd quarter. Legal & General Group Plc now owns 1,155,630 shares of the company’s stock valued at $2,317,000 after purchasing an additional 16,420 shares during the period. Citadel Advisors LLC bought a new stake in shares of ECARX during the 3rd quarter valued at about $2,054,000. UBS Group AG grew its stake in ECARX by 13.1% during the third quarter. UBS Group AG now owns 950,930 shares of the company’s stock worth $1,911,000 after purchasing an additional 110,243 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in ECARX in the second quarter worth approximately $1,722,000.

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).