ECARX (NASDAQ:ECX) Shares Down 9.2% - Here's Why

Key Points

• ECARX Holdings, Inc. shares saw a significant decline of 9.2%, closing at $1.54 after trading as low as $1.55.
• The company reported a loss of $0.08 earnings per share, falling short of analysts' expectations of $0.05, despite revenues exceeding estimates at $168.40 million.
• Institutional investors have increased their stakes, with Northern Trust Corp boosting its investment by 103.8% in the fourth quarter.

ECARX Holdings, Inc. (NASDAQ:ECX - Get Free Report)'s stock price fell 9.2% on Friday . The company traded as low as $1.55 and last traded at $1.54. 987,327 shares traded hands during trading, a decline of 77% from the average session volume of 4,278,389 shares. The stock had previously closed at $1.69.

ECARX Trading Down 5.6%

The firm has a market cap of $591.31 million, a price-to-earnings ratio of -4.53 and a beta of 0.68. The business's 50-day simple moving average is $1.77 and its two-hundred day simple moving average is $1.76.

ECARX (NASDAQ:ECX - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). The business had revenue of $168.40 million for the quarter, compared to analyst estimates of $154.18 million. On average, analysts forecast that ECARX Holdings, Inc. will post -0.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ECARX

Large investors have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new stake in ECARX during the fourth quarter worth approximately $364,000. Northern Trust Corp grew its stake in ECARX by 103.8% during the fourth quarter. Northern Trust Corp now owns 81,616 shares of the company's stock worth $172,000 after purchasing an additional 41,568 shares during the period. Citadel Advisors LLC bought a new position in ECARX in the fourth quarter worth approximately $68,000. Barclays PLC bought a new position in ECARX in the fourth quarter worth approximately $348,000. Finally, Millennium Management LLC bought a new position in ECARX in the fourth quarter worth approximately $207,000.

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.

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