ECARX (NASDAQ:ECX) Stock Price Up 8.9% – Still a Buy?

ECARX Holdings, Inc. (NASDAQ:ECX) shares were up 8.9% on Thursday . The company traded as high as $1.60 and last traded at $1.6450. Approximately 791,703 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 3,327,490 shares. The stock had previously closed at $1.51.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Wall Street Zen upgraded ECARX from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings restated a “sell (e+)” rating on shares of ECARX in a report on Wednesday, January 21st. Finally, Zacks Research downgraded ECARX from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 18th. Two analysts have rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has an average rating of “Sell”.

ECARX Price Performance

The company has a market cap of $622.83 million, a price-to-earnings ratio of -8.40 and a beta of 0.76. The firm has a 50 day simple moving average of $1.77 and a 200-day simple moving average of $1.89.

ECARX (NASDAQ:ECX) last released its quarterly earnings results on Thursday, February 12th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.04. The business had revenue of $301.06 million for the quarter, compared to analysts’ expectations of $311.90 million. Research analysts anticipate that ECARX Holdings, Inc. will post -0.42 EPS for the current fiscal year.

Institutional Investors Weigh In On ECARX

A number of institutional investors and hedge funds have recently made changes to their positions in ECX. Legal & General Group Plc purchased a new position in shares of ECARX during the second quarter worth $2,341,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of ECARX in the 2nd quarter valued at $1,722,000. Millennium Management LLC acquired a new position in ECARX during the 4th quarter worth about $48,000. Caitong International Asset Management Co. Ltd purchased a new position in ECARX during the 4th quarter valued at about $58,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in ECARX in the 4th quarter valued at about $47,000.

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).