ECARX (NASDAQ:ECX) Sees Large Volume Increase – Here’s Why

ECARX Holdings, Inc. (NASDAQ:ECX) shares saw strong trading volume on Tuesday . 12,208,482 shares changed hands during trading, an increase of 196% from the previous session’s volume of 4,124,836 shares.The stock last traded at $2.0550 and had previously closed at $2.14.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ECX shares. Wall Street Zen upgraded shares of ECARX from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reiterated a “sell (e+)” rating on shares of ECARX in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $3.20.

ECARX Trading Up 0.9%

The firm has a market capitalization of $800.78 million, a P/E ratio of -9.82 and a beta of 0.74. The business’s fifty day moving average is $2.12 and its 200 day moving average is $1.83.

ECARX (NASDAQ:ECX) last issued its earnings results on Tuesday, August 26th. The company reported ($0.13) earnings per share for the quarter. The company had revenue of $155.30 million for the quarter, compared to analysts’ expectations of $223.92 million. As a group, sell-side analysts predict that ECARX Holdings, Inc. will post -0.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ECARX

A number of institutional investors have recently bought and sold shares of ECX. Tower Research Capital LLC TRC acquired a new position in shares of ECARX in the second quarter worth about $71,000. Goldman Sachs Group Inc. raised its stake 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 period. XTX Topco Ltd lifted its holdings in shares of ECARX by 329.8% in the first quarter. XTX Topco Ltd now owns 105,342 shares of the company’s stock valued at $133,000 after purchasing an additional 80,833 shares in the last quarter. MYDA Advisors LLC acquired a new stake in shares of ECARX in the first quarter worth $164,000. Finally, State of Wyoming purchased a new position in shares of ECARX during the second quarter valued at $167,000.

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.