ECARX (NASDAQ:ECX) Shares Up 3.7% - Here's Why

Key Points

• ECARX shares rose 3.7% to $1.13 in mid-day trading, with volume about 39% above the average.
• Analyst sentiment remains weak: Weiss Ratings reaffirmed a “sell (e+)” rating, while the broader consensus is “Reduce,” based on one Hold and one Sell rating.
• ECARX met quarterly EPS expectations at a loss of $0.03 per share, but revenue of $225.2 million fell slightly short of the $226.91 million estimate; several institutional investors recently increased or initiated positions.

ECARX Holdings, Inc. (NASDAQ:ECX - Get Free Report)'s stock price rose 3.7% during mid-day trading on Monday. The company traded as high as $1.1450 and last traded at $1.13. Approximately 1,627,796 shares changed hands during trading, an increase of 39% from the average daily volume of 1,170,168 shares. The stock had previously closed at $1.09.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of ECARX in a research report on Friday, July 17th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, ECARX presently has a consensus rating of "Reduce".

ECARX Stock Performance

The stock has a market capitalization of $402.81 million, a price-to-earnings ratio of -22.60 and a beta of 1.00. The business's 50 day simple moving average is $1.07 and its 200-day simple moving average is $1.11.

ECARX (NASDAQ:ECX - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). The firm had revenue of $225.20 million during the quarter, compared to analyst estimates of $226.91 million. As a group, sell-side analysts expect that ECARX Holdings, Inc. will post -0.02 EPS for the current year.

Institutional Trading of ECARX

Hedge funds have recently added to or reduced their stakes in the business. Themes Management Co LLC lifted its holdings in ECARX by 44.9% in the first quarter. Themes Management Co LLC now owns 102,625 shares of the company's stock worth $100,000 after purchasing an additional 31,801 shares during the period. State of Wyoming increased its stake in ECARX by 621.4% during the 1st quarter. State of Wyoming now owns 51,897 shares of the company's stock valued at $51,000 after buying an additional 44,703 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in ECARX during the 4th quarter valued at about $175,000. Alpine Global Management LLC acquired a new position in ECARX during the 4th quarter valued at about $200,000. Finally, Renaissance Technologies LLC raised its position in shares of ECARX by 9.4% during the 1st quarter. Renaissance Technologies LLC now owns 2,015,600 shares of the company's stock worth $1,971,000 after buying an additional 173,500 shares in the last quarter.

About ECARX

ECARX Holdings Inc NASDAQ: ECX is an automotive technology company that develops hardware and software for intelligent, connected vehicles. Its solutions are designed to support digital cockpits, in-vehicle infotainment, vehicle connectivity and centralized computing, helping automakers integrate electronic systems and digital services into their vehicles.

The company's offerings include automotive operating systems, cockpit platforms, infotainment systems, vehicle-computing hardware and cloud-based services.

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