ECARX (NASDAQ:ECX) Trading 5.2% Higher - 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.

ECARX Holdings, Inc. (NASDAQ:ECX - Get Free Report)'s stock price rose 5.2% on Tuesday . The company 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.

Analyst Ratings Changes

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

ECARX Stock Up 12.9%

The company has a 50 day moving average of $1.67 and a 200-day moving average of $1.70. The stock has a market capitalization of $761.85 million, a P/E ratio of -5.71 and a beta of 0.66.

ECARX (NASDAQ:ECX - Get Free Report) last released its quarterly 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 analyst estimates of $223.92 million. Equities analysts forecast that ECARX Holdings, Inc. will post -0.42 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Deutsche Bank AG acquired a new position in shares of ECARX during the 1st quarter valued at about $3,722,000. Valliance Asset Management Ltd bought a new position in ECARX during the first quarter valued at about $2,252,000. Infini Capital Management Ltd acquired a new position in shares of ECARX in the first quarter valued at $2,005,000. Legal & General Group Plc bought a new position in shares of ECARX during the 2nd quarter worth about $2,341,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in ECARX during the second quarter valued at approximately $1,722,000.

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.

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