ECARX (NASDAQ:ECX) Shares Down 7.4% – Here’s What Happened

ECARX Holdings, Inc. (NASDAQ:ECX)’s stock price dropped 7.4% during trading on Monday . The company traded as low as $1.93 and last traded at $1.9450. Approximately 2,863,396 shares changed hands during trading, a decline of 32% from the average daily volume of 4,205,326 shares. The stock had previously closed at $2.10.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Wall Street Zen raised ECARX from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings restated a “sell (e+)” rating on shares of ECARX in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, ECARX currently has a consensus rating of “Hold” and an average target price of $3.20.

ECARX Price Performance

The stock has a market cap of $715.51 million, a PE ratio of -8.77 and a beta of 0.76. The business has a fifty day moving average of $2.13 and a 200-day moving average of $1.88.

Institutional Trading of ECARX

Several large investors have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC purchased a new position in shares of ECARX in the third quarter worth about $51,000. Squarepoint Ops LLC purchased a new position in ECARX during the 3rd quarter worth approximately $59,000. Tower Research Capital LLC TRC acquired a new stake in ECARX during the 2nd quarter valued at approximately $71,000. Goldman Sachs Group Inc. boosted its holdings in shares of ECARX by 43.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 74,498 shares of the company’s stock valued at $94,000 after acquiring an additional 22,498 shares during the last quarter. Finally, XTX Topco Ltd increased its stake in shares of ECARX by 329.8% in the first quarter. XTX Topco Ltd now owns 105,342 shares of the company’s stock worth $133,000 after acquiring an additional 80,833 shares during the period.

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.