ECARX (NASDAQ:ECX) Stock Price Down 6.1% - What's Next?

Key Points

• ECARX Holdings, Inc. shares dropped 6.1% to $2.08 after trading as low as $2.09, with trading volume declining significantly to 643,458 shares.
• Analysts from Wall Street Zen downgraded ECARX from a "hold" to a "sell" rating, although the stock still holds an average rating of "Buy" with a target price of $3.20.
• In its latest earnings report, ECARX posted a loss of ($0.13) EPS on revenue of $155.30 million, which fell short of analyst expectations of $223.92 million.

ECARX Holdings, Inc. (NASDAQ:ECX - Get Free Report) shares dropped 6.1% on Monday . The company traded as low as $2.09 and last traded at $2.08. Approximately 643,458 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 4,004,310 shares. The stock had previously closed at $2.21.

Analyst Upgrades and Downgrades

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

ECARX Price Performance

The firm has a market capitalization of $761.85 million, a price-to-earnings ratio of -5.74 and a beta of 0.66. The business's fifty day simple moving average is $1.66 and its 200 day simple moving average is $1.68.

ECARX (NASDAQ:ECX - Get Free Report) last posted its earnings results on Tuesday, August 26th. The company reported ($0.13) EPS for the quarter. The firm had revenue of $155.30 million for the quarter, compared to analysts' expectations of $223.92 million. Equities research analysts expect that ECARX Holdings, Inc. will post -0.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ECARX

A number of hedge funds and other institutional investors have recently made changes to their positions in ECX. State of Wyoming purchased a new position in ECARX in the 2nd quarter valued at $167,000. Tower Research Capital LLC TRC acquired a new position in ECARX in the 2nd quarter valued at about $71,000. Invesco Ltd. grew its position in ECARX by 5.8% in the 2nd quarter. Invesco Ltd. now owns 253,689 shares of the company's stock valued at $520,000 after acquiring an additional 13,859 shares in the last quarter. Legal & General Group Plc acquired a new position in ECARX in the 2nd quarter valued at about $2,341,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of ECARX during the second quarter worth about $1,722,000.

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.