ECARX (NASDAQ:ECX) Shares Down 8% – What’s Next?

ECARX Holdings Inc. (NASDAQ:ECX) shares were down 8% during trading on Tuesday . The company traded as low as $2.70 and last traded at $2.46. Approximately 905,193 shares traded hands during trading, a decline of 56% from the average daily volume of 2,064,213 shares. The stock had previously closed at $2.67.

Analyst Upgrades and Downgrades

Separately, UBS Group started coverage on ECARX in a research report on Tuesday, February 11th. They set a “buy” rating and a $3.20 price target for the company.

ECARX Price Performance

The firm has a fifty day simple moving average of $2.05 and a two-hundred day simple moving average of $1.91. The firm has a market capitalization of $964.17 million, a P/E ratio of -5.75 and a beta of 0.22.

Hedge Funds Weigh In On ECARX

Several institutional investors and hedge funds have recently bought and sold shares of ECX. Renaissance Technologies LLC bought a new position in ECARX during the fourth quarter valued at $630,000. Jane Street Group LLC bought a new position in ECARX during the fourth quarter valued at $364,000. Barclays PLC bought a new position in ECARX during the fourth quarter valued at $348,000. Virtu Financial LLC bought a new position in shares of ECARX in the fourth quarter worth $319,000. Finally, Marshall Wace LLP bought a new position in shares of ECARX in the fourth quarter worth $245,000.

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.