ECARX (NASDAQ:ECX) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of ECARX Holdings Inc. (NASDAQ:ECX) saw strong trading volume on Wednesday . 2,568,252 shares traded hands during mid-day trading, an increase of 59% from the previous session’s volume of 1,617,442 shares.The stock last traded at $2.33 and had previously closed at $2.15.

Wall Street Analysts Forecast Growth

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

ECARX Price Performance

The stock has a 50-day moving average price of $1.92 and a 200-day moving average price of $1.84. The company has a market capitalization of $776.61 million, a price-to-earnings ratio of -4.61 and a beta of 0.31.

Hedge Funds Weigh In On ECARX

Institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC bought a new stake in ECARX in the 4th quarter worth $630,000. Jane Street Group LLC bought a new stake in ECARX in the fourth quarter worth about $364,000. Barclays PLC purchased a new position in ECARX in the fourth quarter worth $348,000. Virtu Financial LLC purchased a new position in ECARX during the fourth quarter valued at approximately $319,000. Finally, Marshall Wace LLP purchased a new position in ECARX during the fourth quarter worth 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.