ECARX (NASDAQ:ECX) Trading Down 10.2% – Here’s Why

ECARX Holdings Inc. (NASDAQ:ECX)’s stock price traded down 10.2% during mid-day trading on Wednesday . The company traded as low as $2.45 and last traded at $2.58. 4,515,856 shares were traded during mid-day trading, an increase of 68% from the average session volume of 2,683,456 shares. The stock had previously closed at $2.87.

Analyst Upgrades and Downgrades

Separately, UBS Group started coverage on ECARX in a research report on Tuesday, February 11th. They issued a “buy” rating and a $3.20 target price for the company.

ECARX Stock Performance

The company has a market capitalization of $843.19 million, a P/E ratio of -5.03 and a beta of 0.23. The business has a fifty day moving average of $2.17 and a 200-day moving average of $1.97.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC bought a new position in ECARX in the 4th quarter valued at about $630,000. Jane Street Group LLC purchased a new stake in shares of ECARX in the fourth quarter worth approximately $364,000. Barclays PLC bought a new position in shares of ECARX in the fourth quarter valued at approximately $348,000. Virtu Financial LLC bought a new position in shares of ECARX in the fourth quarter valued at approximately $319,000. Finally, Marshall Wace LLP purchased a new position in shares of ECARX during the fourth quarter valued at approximately $245,000.

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.