ECARX (NASDAQ:ECX) Shares Gap Up – Should You Buy?

ECARX Holdings, Inc. (NASDAQ:ECX) shares gapped up before the market opened on Tuesday . The stock had previously closed at $1.65, but opened at $1.70. ECARX shares last traded at $1.6750, with a volume of 649,808 shares trading hands.

Analysts Set New Price Targets

Several research firms recently weighed in on ECX. Wall Street Zen upgraded shares of ECARX from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ECARX in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $3.20.

ECARX Trading Down 0.9%

The firm has a market cap of $606.14 million, a price-to-earnings ratio of -7.53 and a beta of 0.76. The firm has a 50 day moving average price of $2.04 and a 200-day moving average price of $1.90.

Hedge Funds Weigh In On ECARX

A number of large investors have recently bought and sold shares of ECX. Invesco Ltd. raised its position in shares of ECARX by 5.8% in the 2nd quarter. Invesco Ltd. now owns 253,689 shares of the company’s stock worth $520,000 after buying an additional 13,859 shares during the period. Legal & General Group Plc grew its position in ECARX by 1.4% in the third quarter. Legal & General Group Plc now owns 1,155,630 shares of the company’s stock valued at $2,317,000 after acquiring an additional 16,420 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in ECARX by 43.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 74,498 shares of the company’s stock worth $94,000 after buying an additional 22,498 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of ECARX in the third quarter worth about $51,000. Finally, Squarepoint Ops LLC bought a new position in ECARX during the 3rd quarter valued at $59,000.

About ECARX

ECARX is a global automotive technology company focused on developing and delivering smart cockpit solutions for original equipment manufacturers (OEMs). The company designs and manufactures a range of in-vehicle computing platforms, central processing units, digital instrument clusters and multimedia infotainment systems. ECARX’s core offerings integrate software, hardware and cloud connectivity to create seamless user experiences for drivers and passengers.

The company’s product portfolio spans telematics control units, over-the-air update frameworks and next-generation human-machine interfaces (HMI).