ECARX (NASDAQ:ECX) Trading Up 5.2% - Here's Why

Key Points

• ECARX Holdings, Inc. saw a stock price increase of 5.2% on Tuesday, trading at $1.92 despite a 90% decline in trading volume compared to the average.
• The company’s stock was downgraded from a "hold" to a "sell" rating by Wall Street Zen, although it retains a consensus "Buy" rating with an average target price of $3.20.
• ECARX reported a quarterly EPS of ($0.13) with revenue of $155.30 million, falling short of analyst estimates of $223.92 million.

Shares of ECARX Holdings, Inc. (NASDAQ:ECX - Get Free Report) were up 5.2% during trading on Tuesday . The stock traded as high as $1.92 and last traded at $1.92. Approximately 420,634 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 4,044,045 shares. The stock had previously closed at $1.82.

Analysts Set New Price Targets

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

ECARX Stock Performance

The company's 50 day moving average price is $1.66 and its 200-day moving average price is $1.70. The company has a market cap of $819.31 million, a price-to-earnings ratio of -6.14 and a beta of 0.66.

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

Institutional Investors Weigh In On ECARX

Several large investors have recently made changes to their positions in the company. Citadel Advisors LLC bought a new stake in ECARX during the fourth quarter worth approximately $68,000. Tower Research Capital LLC TRC bought a new stake in ECARX during the second quarter worth approximately $71,000. Goldman Sachs Group Inc. boosted its position in ECARX by 43.3% during 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. XTX Topco Ltd boosted its position in ECARX by 329.8% during the first quarter. XTX Topco Ltd now owns 105,342 shares of the company's stock worth $133,000 after purchasing an additional 80,833 shares during the period. Finally, MYDA Advisors LLC bought a new stake in ECARX during the first quarter worth approximately $164,000.

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.