ECARX (NASDAQ:ECX) Stock Price Down 1% - Here's What Happened

Key Points

• ECARX shares fell 1% on Friday, trading between $0.9801 and $0.9999 on lighter-than-normal volume of 234,619 shares, well below its average session volume.
• Analyst sentiment remains cautious: Weiss Ratings reaffirmed a sell (e+) rating, while Zacks upgraded the stock from strong sell to hold. MarketBeat shows an average rating of “Reduce.”
• The company continues to face fundamental pressure after its latest earnings report, missing both EPS and revenue estimates; ECARX posted a loss of $0.03 per share on $131.5 million in revenue, below expectations.

Shares of ECARX Holdings, Inc. (NASDAQ:ECX - Get Free Report) were down 1% during trading on Friday . The stock traded as low as $0.9801 and last traded at $0.9999. Approximately 234,619 shares changed hands during trading, a decline of 70% from the average session volume of 794,239 shares. The stock had previously closed at $1.01.

Wall Street Analysts Forecast Growth

ECX has been the subject of several research reports. Weiss Ratings reissued a "sell (e+)" rating on shares of ECARX in a research note on Friday, July 17th. Zacks Research upgraded ECARX from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 14th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Reduce".

ECARX Price Performance

The firm's 50-day moving average price is $1.15 and its 200-day moving average price is $1.34. The company has a market cap of $356.43 million, a price-to-earnings ratio of -6.67 and a beta of 0.98.

ECARX (NASDAQ:ECX - Get Free Report) last posted its earnings results on Tuesday, May 19th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.02). The company had revenue of $131.50 million for the quarter, compared to analyst estimates of $204.66 million. On average, sell-side analysts anticipate that ECARX Holdings, Inc. will post -0.04 earnings per share for the current year.

Institutional Investors Weigh In On ECARX

A number of large investors have recently modified their holdings of the stock. Jane Street Group LLC lifted its position in ECARX by 194.3% during the 4th quarter. Jane Street Group LLC now owns 2,309,869 shares of the company's stock worth $3,973,000 after acquiring an additional 1,525,093 shares in the last quarter. Tudor Investment Corp ET AL raised its stake in shares of ECARX by 66.7% during the fourth quarter. Tudor Investment Corp ET AL now owns 2,134,089 shares of the company's stock valued at $3,671,000 after purchasing an additional 854,139 shares during the period. Renaissance Technologies LLC raised its stake in shares of ECARX by 9.4% during the first quarter. Renaissance Technologies LLC now owns 2,015,600 shares of the company's stock valued at $1,971,000 after purchasing an additional 173,500 shares during the period. Legal & General Group Plc lifted its position in shares of ECARX by 1.4% during the third quarter. Legal & General Group Plc now owns 1,155,630 shares of the company's stock worth $2,317,000 after purchasing an additional 16,420 shares in the last quarter. Finally, Citadel Advisors LLC acquired a new position in shares of ECARX during the third quarter worth $2,054,000.

About ECARX

ECARX is a global automotive technology company focused on developing and delivering smart cockpit solutions for original equipment manufacturers (OEMs). The company designs and manufactures a range of in-vehicle computing platforms, central processing units, digital instrument clusters and multimedia infotainment systems. ECARX's core offerings integrate software, hardware and cloud connectivity to create seamless user experiences for drivers and passengers.

The company's product portfolio spans telematics control units, over-the-air update frameworks and next-generation human-machine interfaces (HMI).

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