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

ECARX Holdings, Inc. (NASDAQ:ECX)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $1.86, but opened at $2.00. ECARX shares last traded at $1.8950, with a volume of 4,048,657 shares changing hands.

Analyst Upgrades and Downgrades

ECX has been the subject of a number of research analyst reports. Wall Street Zen raised shares of ECARX from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of ECARX in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $3.20.

ECARX Stock Performance

The firm has a fifty day moving average of $1.81 and a 200 day moving average of $1.88. The firm has a market capitalization of $667.31 million, a PE ratio of -8.18 and a beta of 0.76.

Institutional Investors Weigh In On ECARX

Institutional investors and hedge funds have recently made changes to their positions in the company. Cubist Systematic Strategies LLC bought a new stake in shares of ECARX during the 1st quarter valued at about $213,000. Goldman Sachs Group Inc. raised its stake in shares of ECARX by 43.3% during the first 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 in the last quarter. Jane Street Group LLC raised its position in shares of ECARX by 234.4% during the 1st quarter. Jane Street Group LLC now owns 576,490 shares of the company’s stock worth $726,000 after buying an additional 404,119 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of ECARX during the second quarter valued at approximately $1,722,000. Finally, Legal & General Group Plc acquired a new position in shares of ECARX during the 2nd quarter valued at $2,341,000.

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).