ECARX (NASDAQ:ECX) Shares Up 1.9% - Should You Buy?

Key Points

• ECARX Holdings, Inc. shares saw a 1.9% increase, trading at $2.12, despite a decrease in trading volume by 39% from its average.
• Analysts have recently changed their ratings on ECARX, with Wall Street Zen downgrading it from "hold" to "sell," while it maintains an overall average rating of "Buy" with a target price of $3.20.
• The company's earnings report revealed a loss of $0.13 per share against expected revenue of $223.92 million, with actual revenue recorded at $155.30 million for the quarter.

Shares of ECARX Holdings, Inc. (NASDAQ:ECX - Get Free Report) shot up 1.9% on Monday . The stock traded as high as $2.13 and last traded at $2.12. 917,126 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 1,514,857 shares. The stock had previously closed at $2.08.

Analyst Ratings Changes

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

ECARX Stock Up 1.9%

The firm's 50-day moving average is $1.71 and its 200-day moving average is $1.66. The company has a market capitalization of $785.95 million, a PE ratio of -5.89 and a beta of 0.66.

ECARX (NASDAQ:ECX - Get Free Report) last announced its earnings results on Tuesday, August 26th. The company reported ($0.13) earnings per share (EPS) for the quarter. The company had revenue of $155.30 million for the quarter, compared to the consensus estimate of $223.92 million. As a group, equities research analysts predict that ECARX Holdings, Inc. will post -0.42 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC purchased a new position in ECARX in the fourth quarter worth $364,000. Invesco Ltd. purchased a new stake in ECARX during the first quarter valued at about $302,000. Northern Trust Corp boosted its position in ECARX by 103.8% during the fourth quarter. Northern Trust Corp now owns 81,616 shares of the company's stock valued at $172,000 after buying an additional 41,568 shares during the period. Citadel Advisors LLC purchased a new stake in ECARX during the fourth quarter valued at about $68,000. Finally, Deutsche Bank AG purchased a new stake in ECARX during the first quarter valued at about $3,722,000.

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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