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

Key Points

• ECARX Holdings, Inc. shares gapped down at the market opening, from a previous close of $1.57 to $1.50, and last traded at $1.47.
• The company's recent quarterly earnings showed an EPS of ($0.08), which was below the expected ($0.05), while revenue surpassed expectations at $168.40 million.
• Institutional investors have been active, with notable stakes acquired by firms like Goldman Sachs, which increased its holding by 43.3%.
• ECARX is focused on advancing automotive technology, providing systems for smart mobility including central computing platforms and software solutions.

ECARX Holdings, Inc. (NASDAQ:ECX - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $1.57, but opened at $1.50. ECARX shares last traded at $1.47, with a volume of 235,914 shares traded.

ECARX Stock Up 2.8%

The company has a market capitalization of $606.14 million, a price-to-earnings ratio of -4.67 and a beta of 0.68. The business has a 50-day moving average price of $1.76 and a 200-day moving average price of $1.77.

ECARX (NASDAQ:ECX - Get Free Report) last issued its quarterly 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 analyst estimates of $154.18 million. As a group, sell-side analysts predict that ECARX Holdings, Inc. will post -0.42 EPS for the current year.

Institutional Trading of ECARX

Several large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its holdings 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 in the last quarter. Jane Street Group LLC raised its holdings in ECARX by 234.4% in the 1st quarter. Jane Street Group LLC now owns 576,490 shares of the company's stock valued at $726,000 after acquiring an additional 404,119 shares in the last quarter. Hhlr Advisors LTD. acquired a new position in ECARX in the 1st quarter valued at approximately $504,000. Cubist Systematic Strategies LLC acquired a new position in ECARX in the 1st quarter valued at approximately $213,000. Finally, Ghisallo Capital Management LLC acquired a new position in ECARX in the 1st quarter valued at approximately $441,000.

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.