ECARX Holdings, Inc. (NASDAQ:ECX) Sees Significant Decrease in Short Interest

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) was the recipient of a large decrease in short interest in the month of August. As of August 31st, there was short interest totaling 7,580,000 shares, a decrease of 25.2% from the August 15th total of 10,140,000 shares. Based on an average daily volume of 4,010,000 shares, the short-interest ratio is currently 1.9 days. Approximately 6.0% of the shares of the company are sold short. Approximately 6.0% of the shares of the company are sold short. Based on an average daily volume of 4,010,000 shares, the short-interest ratio is currently 1.9 days.

ECARX Stock Up 3.2%

Shares of NASDAQ ECX traded up $0.07 during midday trading on Wednesday, reaching $2.12. 1,399,631 shares of the stock were exchanged, compared to its average volume of 4,039,807. The firm has a market cap of $784.09 million, a price-to-earnings ratio of -5.87 and a beta of 0.66. ECARX has a twelve month low of $0.76 and a twelve month high of $3.25. The firm has a 50-day simple moving average of $1.66 and a two-hundred day simple moving average of $1.70.

ECARX (NASDAQ:ECX - Get Free Report) last issued its quarterly earnings data on Tuesday, August 26th. The company reported ($0.13) EPS for the quarter. The firm had revenue of $155.30 million for the quarter, compared to analyst estimates of $223.92 million. Research analysts expect that ECARX will post -0.42 EPS for the current fiscal year.

Institutional Investors Weigh In On ECARX

A number of institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. grew its stake in ECARX by 5.8% in the 2nd quarter. Invesco Ltd. now owns 253,689 shares of the company's stock valued at $520,000 after acquiring an additional 13,859 shares during the period. Goldman Sachs Group Inc. grew its stake in 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 acquiring an additional 22,498 shares during the period. Citadel Advisors LLC acquired a new stake in ECARX in the 4th quarter valued at $68,000. Tower Research Capital LLC TRC acquired a new stake in ECARX in the 2nd quarter valued at $71,000. Finally, Northern Trust Corp lifted its holdings in 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 in the last quarter.

Wall Street Analysts Forecast Growth

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

About ECARX

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.

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