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

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

Wall Street Analysts Forecast Growth

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

ECARX Price Performance

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC acquired a new position in ECARX during the fourth quarter valued at $207,000. Citadel Advisors LLC acquired a new position in ECARX during the fourth quarter valued at $68,000. Jane Street Group LLC acquired a new position in ECARX during the fourth quarter valued at $364,000. Northern Trust Corp lifted its position in ECARX by 103.8% during the fourth quarter. Northern Trust Corp now owns 81,616 shares of the company’s stock valued at $172,000 after purchasing an additional 41,568 shares during the period. Finally, Two Sigma Securities LLC acquired a new position in ECARX during the fourth quarter valued at $30,000.

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.