ECARX (NASDAQ:ECX) Sees Strong Trading Volume – Still a Buy?

Shares of ECARX Holdings Inc. (NASDAQ:ECX) saw an uptick in trading volume on Tuesday . 5,888,909 shares changed hands during trading, an increase of 219% from the previous session’s volume of 1,847,238 shares.The stock last traded at $1.60 and had previously closed at $1.50.

Wall Street Analysts Forecast Growth

Separately, UBS Group initiated coverage on shares of ECARX in a report on Tuesday, February 11th. They issued a “buy” rating and a $3.20 price objective on the stock.

ECARX Stock Performance

The business has a fifty day simple moving average of $1.53 and a 200 day simple moving average of $1.81. The stock has a market capitalization of $595.02 million, a price-to-earnings ratio of -3.19 and a beta of 0.47.

ECARX (NASDAQ:ECX) last posted its quarterly earnings data on Wednesday, April 30th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The company had revenue of $168.40 million for the quarter, compared to analyst estimates of $154.18 million. On average, sell-side analysts forecast 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 modified their holdings of the business. Two Sigma Securities LLC bought a new position in ECARX in the fourth quarter valued at about $30,000. Tower Research Capital LLC TRC acquired a new stake in shares of ECARX in the 4th quarter valued at approximately $32,000. XTX Topco Ltd bought a new stake in shares of ECARX during the 4th quarter valued at approximately $52,000. Citadel Advisors LLC acquired a new position in ECARX during the 4th quarter worth approximately $68,000. Finally, Goldman Sachs Group Inc. increased its position in ECARX by 43.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 74,498 shares of the company’s stock worth $94,000 after purchasing an additional 22,498 shares in the last quarter.

ECARX Company Profile

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.