ECARX (NASDAQ:ECX) Trading Down 5.8% – Should You Sell?

Shares of ECARX Holdings, Inc. (NASDAQ:ECX) fell 5.8% on Monday . The company traded as low as $2.23 and last traded at $2.1950. 2,402,148 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 4,049,544 shares. The stock had previously closed at $2.33.

Wall Street Analysts Forecast Growth

ECX has been the topic of a number of analyst reports. Wall Street Zen upgraded ECARX from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings restated a “sell (e+)” rating on shares of ECARX in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, ECARX currently has an average rating of “Hold” and an average target price of $3.20.

ECARX Trading Down 8.4%

The stock has a market cap of $791.51 million, a P/E ratio of -9.70 and a beta of 0.74. The firm has a 50-day simple moving average of $2.11 and a two-hundred day simple moving average of $1.82.

ECARX (NASDAQ:ECX) last released its quarterly earnings results on Tuesday, August 26th. The company reported ($0.13) EPS for the quarter. The company had revenue of $155.30 million for the quarter, compared to analyst estimates of $223.92 million. Sell-side analysts predict that ECARX Holdings, Inc. will post -0.42 earnings per share for the current year.

Hedge Funds Weigh In On ECARX

Hedge funds and other institutional investors have recently made changes to their positions in the company. Deutsche Bank AG acquired a new stake in shares of ECARX during the 1st quarter worth approximately $3,722,000. Valliance Asset Management Ltd acquired a new stake in shares of ECARX in the 1st quarter valued at $2,252,000. Legal & General Group Plc bought a new position in shares of ECARX in the 2nd quarter valued at $2,341,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of ECARX in the 2nd quarter valued at $1,722,000. Finally, Jane Street Group LLC raised its holdings 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 worth $726,000 after buying an additional 404,119 shares in the last quarter.

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.