ECARX (NASDAQ:ECX) Shares Gap Up – Here’s Why

ECARX Holdings, Inc. (NASDAQ:ECX) gapped up prior to trading on Wednesday . The stock had previously closed at $1.37, but opened at $1.43. ECARX shares last traded at $1.4350, with a volume of 737,437 shares changing hands.

Analyst Ratings Changes

ECX has been the topic of a number of research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of ECARX in a research note on Wednesday, January 21st. Zacks Research cut ECARX from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 18th. Two equities research analysts have rated the stock with a Sell rating, Based on data from MarketBeat, ECARX currently has an average rating of “Sell”.

ECARX Trading Up 2.6%

The business has a 50 day simple moving average of $1.77 and a two-hundred day simple moving average of $1.89. The stock has a market cap of $520.88 million, a price-to-earnings ratio of -7.03 and a beta of 0.77.

ECARX (NASDAQ:ECX) last announced its earnings results on Thursday, February 12th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. The business had revenue of $301.06 million during the quarter, compared to analyst estimates of $311.90 million. Research analysts anticipate that ECARX Holdings, Inc. will post -0.42 EPS for the current fiscal year.

Institutional Investors Weigh In On ECARX

Hedge funds and other institutional investors have recently modified their holdings of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of ECARX in the 4th quarter valued at about $47,000. Millennium Management LLC acquired a new stake in ECARX during the fourth quarter valued at approximately $48,000. Integrated Wealth Concepts LLC bought a new position in ECARX during the 3rd quarter worth approximately $51,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of ECARX in the 4th quarter worth approximately $58,000. Finally, Squarepoint Ops LLC bought a new stake in shares of ECARX in the 3rd quarter valued at approximately $59,000.

ECARX Company Profile

ECARX is a global automotive technology company focused on developing and delivering smart cockpit solutions for original equipment manufacturers (OEMs). The company designs and manufactures a range of in-vehicle computing platforms, central processing units, digital instrument clusters and multimedia infotainment systems. ECARX’s core offerings integrate software, hardware and cloud connectivity to create seamless user experiences for drivers and passengers.

The company’s product portfolio spans telematics control units, over-the-air update frameworks and next-generation human-machine interfaces (HMI).