ECARX (NASDAQ:ECX) Shares Gap Up – Still a Buy?

ECARX Holdings, Inc. (NASDAQ:ECX)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $1.37, but opened at $1.43. ECARX shares last traded at $1.4350, with a volume of 737,437 shares.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ECX. Weiss Ratings reissued a “sell (e+)” rating on shares of ECARX in a report on Wednesday, January 21st. Zacks Research downgraded ECARX from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 18th. Two research analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, ECARX currently has an average rating of “Sell”.

ECARX Stock Performance

The firm has a market capitalization of $520.88 million, a P/E ratio of -7.03 and a beta of 0.77. The business has a fifty day moving average of $1.77 and a 200-day moving average of $1.89.

ECARX (NASDAQ:ECX) last announced its quarterly earnings results on Thursday, February 12th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.04. The business had revenue of $301.06 million for the quarter, compared to analyst estimates of $311.90 million. On average, equities research analysts forecast that ECARX Holdings, Inc. will post -0.42 earnings per share for the current fiscal year.

Institutional Trading of ECARX

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC bought a new position in shares of ECARX in the first quarter valued at approximately $213,000. Goldman Sachs Group Inc. lifted its position in ECARX by 43.3% in the first 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 during the period. Jane Street Group LLC increased 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 valued at $726,000 after purchasing an additional 404,119 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of ECARX during the 2nd quarter valued at $1,722,000. Finally, Legal & General Group Plc bought a new stake in shares of ECARX in the 2nd quarter worth $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).