ECARX (NASDAQ:ECX) Shares Gap Up – Time to Buy?

Shares of ECARX Holdings, Inc. (NASDAQ:ECX) gapped up before the market opened on Thursday . The stock had previously closed at $2.27, but opened at $2.41. ECARX shares last traded at $2.30, with a volume of 1,215,437 shares changing hands.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ECARX in a research report on Wednesday, October 8th. Wall Street Zen raised shares of ECARX from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $3.20.

ECARX Trading Down 10.9%

The firm has a market capitalization of $789.65 million, a P/E ratio of -9.68 and a beta of 0.74. The business’s 50 day simple moving average is $2.17 and its two-hundred day simple moving average is $1.85.

ECARX (NASDAQ:ECX) last posted its quarterly earnings results on Tuesday, August 26th. The company reported ($0.13) EPS for the quarter. The firm had revenue of $155.30 million for the quarter, compared to analysts’ expectations of $223.92 million. Analysts predict that ECARX Holdings, Inc. will post -0.42 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Deutsche Bank AG purchased a new stake in shares of ECARX during the first quarter valued at $3,722,000. Valliance Asset Management Ltd purchased a new stake in shares of ECARX during the 1st quarter valued at about $2,252,000. Legal & General Group Plc grew its stake in shares of ECARX by 1.4% in the third quarter. Legal & General Group Plc now owns 1,155,630 shares of the company’s stock worth $2,317,000 after acquiring an additional 16,420 shares during the period. UBS Group AG raised its holdings in shares of ECARX by 13.1% during the third quarter. UBS Group AG now owns 950,930 shares of the company’s stock valued at $1,911,000 after purchasing an additional 110,243 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in ECARX during the second quarter valued at approximately $1,722,000.

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.