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

ECARX Holdings Inc. (NASDAQ:ECX) shares gapped down before the market opened on Friday . The stock had previously closed at $2.26, but opened at $1.74. ECARX shares last traded at $1.51, with a volume of 26,756,895 shares trading hands.

Analysts Set New Price Targets

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

ECARX Stock Down 33.6 %

The company’s 50-day moving average is $2.19 and its 200-day moving average is $1.97. The stock has a market cap of $506.93 million, a price-to-earnings ratio of -3.00 and a beta of 0.23.

Hedge Funds Weigh In On ECARX

Several hedge funds and other institutional investors have recently modified their holdings of ECX. Renaissance Technologies LLC acquired a new position in ECARX during the fourth quarter worth $630,000. Jane Street Group LLC acquired a new stake in shares of ECARX during the 4th quarter worth about $364,000. Barclays PLC acquired a new stake in shares of ECARX during the 4th quarter worth about $348,000. Virtu Financial LLC bought a new position in ECARX during the 4th quarter valued at about $319,000. Finally, Marshall Wace LLP acquired a new position in ECARX in the fourth quarter valued at about $245,000.

About ECARX

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.