Weiss Ratings Reaffirms Sell (E+) Rating for ECARX (NASDAQ:ECX)

Key Points

• Weiss Ratings has reaffirmed a Sell (E+) rating for ECARX (NASDAQ: ECX), indicating ongoing negative sentiment towards the stock.
• ECARX shares rose by 10.4% to $2.33 recently, although the company reported a loss of ($0.13) earnings per share for the last quarter, significantly below analyst expectations.
• Several institutional investors have recently increased their holdings in ECARX, with notable boosts from Invesco Ltd. and Goldman Sachs Group Inc.

ECARX (NASDAQ:ECX - Get Free Report)'s stock had its "sell (e+)" rating reiterated by stock analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Separately, Wall Street Zen cut 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 and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $3.20.

ECARX Stock Up 10.4%

Shares of ECARX stock traded up $0.22 during trading on Wednesday, reaching $2.33. The company's stock had a trading volume of 1,940,399 shares, compared to its average volume of 1,381,151. The company has a market cap of $863.80 million, a price-to-earnings ratio of -6.47 and a beta of 0.71. ECARX has a 1-year low of $0.76 and a 1-year high of $3.25. The company has a 50-day simple moving average of $1.80 and a two-hundred day simple moving average of $1.65.

ECARX (NASDAQ:ECX - Get Free Report) last posted its quarterly earnings data on Tuesday, August 26th. The company reported ($0.13) earnings per share for the quarter. The firm had revenue of $155.30 million during the quarter, compared to analysts' expectations of $223.92 million. As a group, analysts anticipate that ECARX will post -0.42 earnings per share for the current year.

Hedge Funds Weigh In On ECARX

Several institutional investors and hedge funds have recently modified their holdings of ECX. Invesco Ltd. boosted its holdings in ECARX by 5.8% in the 2nd quarter. Invesco Ltd. now owns 253,689 shares of the company's stock worth $520,000 after buying an additional 13,859 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in ECARX by 43.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 74,498 shares of the company's stock worth $94,000 after buying an additional 22,498 shares during the last quarter. Citadel Advisors LLC acquired a new stake in ECARX in the 4th quarter worth about $68,000. Tower Research Capital LLC TRC acquired a new stake in ECARX in the 2nd quarter worth about $71,000. Finally, XTX Topco Ltd boosted its holdings in shares of ECARX by 329.8% during the 1st 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 last quarter.

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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