Short Interest in ECARX Holdings, Inc. (NASDAQ:ECX) Declines By 25.2%

Key Points

• ECARX Holdings experienced a significant reduction in short interest, decreasing by 25.2% to 7,580,000 shares as of August 31st.
• Shares of ECARX traded up 3.2%, reaching $2.12, with a market cap of $784.09 million.
• Wall Street analysts maintain a consensus rating of "Buy" for the stock, although one analyst recently downgraded it to a "sell" rating.

ECARX Holdings, Inc. (NASDAQ:ECX - Get Free Report) saw a significant decline in short interest in the month of August. As of August 31st, there was short interest totaling 7,580,000 shares, a decline of 25.2% from the August 15th total of 10,140,000 shares. Approximately 6.0% of the shares of the company are sold short. Based on an average daily trading volume, of 4,010,000 shares, the short-interest ratio is presently 1.9 days. Based on an average daily trading volume, of 4,010,000 shares, the short-interest ratio is presently 1.9 days. Approximately 6.0% of the shares of the company are sold short.

Hedge Funds Weigh In On ECARX

A number of institutional investors have recently made changes to their positions in ECX. Citadel Advisors LLC bought a new position in ECARX during the fourth quarter valued at about $68,000. Tower Research Capital LLC TRC acquired a new position in shares of ECARX in the 2nd quarter valued at $71,000. Goldman Sachs Group Inc. lifted its stake in shares of ECARX by 43.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 74,498 shares of the company's stock valued at $94,000 after purchasing an additional 22,498 shares during the period. Northern Trust Corp lifted its stake in shares of ECARX by 103.8% in the 4th quarter. Northern Trust Corp now owns 81,616 shares of the company's stock valued at $172,000 after purchasing an additional 41,568 shares during the period. Finally, State of Wyoming acquired a new stake in ECARX during the 2nd quarter worth $167,000.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered ECARX from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, ECARX currently has an average rating of "Buy" and a consensus target price of $3.20.

ECARX Stock Performance

Shares of NASDAQ ECX traded up $0.09 during mid-day trading on Friday, reaching $2.21. The company had a trading volume of 3,021,610 shares, compared to its average volume of 2,431,170. The company has a 50-day moving average price of $1.66 and a two-hundred day moving average price of $1.70. ECARX has a 1-year low of $0.76 and a 1-year high of $3.25.

ECARX (NASDAQ:ECX - Get Free Report) last issued its earnings results on Tuesday, August 26th. The company reported ($0.13) EPS for the quarter. The firm had revenue of $155.30 million during the quarter, compared to analyst estimates of $223.92 million. As a group, sell-side analysts forecast that ECARX will post -0.42 earnings per share for the current fiscal year.

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.