ECARX (NASDAQ:ECX) Shares Gap Down - Here's What Happened

ECARX Holdings, Inc. (NASDAQ:ECX - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $2.24, but opened at $2.19. ECARX shares last traded at $2.20, with a volume of 214,543 shares traded.

ECARX Stock Down 7.1%

The company has a market cap of $771.12 million, a price-to-earnings ratio of -5.94 and a beta of 0.68. The stock has a fifty day moving average price of $1.72 and a two-hundred day moving average price of $1.80.

ECARX (NASDAQ:ECX - Get Free Report) last posted 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 firm had revenue of $168.40 million during the quarter, compared to the consensus estimate of $154.18 million. Analysts predict that ECARX Holdings, Inc. will post -0.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ECARX

Hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its position in shares of ECARX by 43.3% in the first quarter. Goldman Sachs Group Inc. now owns 74,498 shares of the company's stock worth $94,000 after purchasing an additional 22,498 shares during the period. Jane Street Group LLC increased its position in shares of ECARX by 234.4% in the first quarter. Jane Street Group LLC now owns 576,490 shares of the company's stock worth $726,000 after purchasing an additional 404,119 shares during the period. Hhlr Advisors LTD. bought a new position in shares of ECARX in the first quarter worth $504,000. Cubist Systematic Strategies LLC bought a new position in shares of ECARX in the first quarter worth $213,000. Finally, Ghisallo Capital Management LLC bought a new position in shares of ECARX in the first quarter worth $441,000.

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.