ECARX (NASDAQ:ECX) Stock Price Down 1.6% – Here’s Why

ECARX Holdings, Inc. (NASDAQ:ECX)’s stock price was down 1.6% during trading on Tuesday . The stock traded as low as $1.20 and last traded at $1.24. Approximately 945,022 shares changed hands during trading, a decline of 28% from the average daily volume of 1,306,944 shares. The stock had previously closed at $1.26.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ECX shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of ECARX in a research note on Monday, April 20th. Zacks Research upgraded shares of ECARX from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 14th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce”.

ECARX Price Performance

The firm has a market cap of $459.85 million, a P/E ratio of -8.60 and a beta of 1.00. The stock’s 50 day moving average is $1.13 and its two-hundred day moving average is $1.46.

ECARX (NASDAQ:ECX) last posted its earnings results on Tuesday, May 19th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.02). The company had revenue of $131.50 million for the quarter, compared to analyst estimates of $204.66 million. As a group, research analysts forecast that ECARX Holdings, Inc. will post -0.04 EPS for the current fiscal year.

Institutional Trading of ECARX

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ECX. Cubist Systematic Strategies LLC bought a new position in ECARX during the 1st quarter valued at about $213,000. Goldman Sachs Group Inc. lifted its holdings in ECARX by 43.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 74,498 shares of the company’s stock valued at $94,000 after purchasing an additional 22,498 shares during the last quarter. Jane Street Group LLC lifted its holdings in ECARX by 234.4% during the 1st quarter. Jane Street Group LLC now owns 576,490 shares of the company’s stock valued at $726,000 after purchasing an additional 404,119 shares during the last quarter. Invesco Ltd. lifted its holdings in ECARX by 5.8% during the 2nd quarter. Invesco Ltd. now owns 253,689 shares of the company’s stock valued at $520,000 after purchasing an additional 13,859 shares during the last quarter. Finally, Tower Research Capital LLC TRC bought a new position in ECARX during the 2nd quarter valued at about $71,000.

About ECARX

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).