ECARX (NASDAQ:ECX) Trading Up 6.2% – Here’s Why

ECARX Holdings Inc. (NASDAQ:ECX)’s share price shot up 6.2% on Thursday . The company traded as high as $2.49 and last traded at $2.48. 2,456,457 shares were traded during mid-day trading, an increase of 43% from the average session volume of 1,716,032 shares. The stock had previously closed at $2.33.

Analyst Upgrades and Downgrades

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

ECARX Stock Performance

The stock has a market capitalization of $729.97 million, a PE ratio of -4.32 and a beta of 0.31. The stock’s 50 day moving average is $1.95 and its two-hundred day moving average is $1.86.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ECX. Green Alpha Advisors LLC acquired a new stake in ECARX in the 4th quarter valued at about $167,000. Virtu Financial LLC acquired a new stake in ECARX in the 4th quarter valued at about $319,000. Renaissance Technologies LLC acquired a new stake in ECARX in the 4th quarter valued at about $630,000. Barclays PLC acquired a new stake in ECARX in the 4th quarter valued at about $348,000. Finally, XTX Topco Ltd acquired a new stake in ECARX in the 4th quarter valued at about $52,000.

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.