ECARX (NASDAQ:ECX) Trading Down 8% - What's Next?

ECARX Holdings Inc. (NASDAQ:ECX - Get Free Report) shares dropped 8% during mid-day trading on Tuesday . The stock traded as low as $2.70 and last traded at $2.46. Approximately 905,193 shares changed 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 shares of ECARX in a research report on Tuesday, February 11th. They issued a "buy" rating and a $3.20 target price for the company.

ECARX Stock Performance

The firm has a market capitalization of $946.60 million, a PE ratio of -5.67 and a beta of 0.22. The stock's 50 day simple moving average is $2.05 and its two-hundred day simple moving average is $1.91.

Hedge Funds Weigh In On ECARX

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ECX. Two Sigma Securities LLC purchased a new position in shares of ECARX during the 4th quarter worth $30,000. Tower Research Capital LLC TRC acquired a new stake in ECARX during the fourth quarter worth about $32,000. XTX Topco Ltd acquired a new stake in ECARX during the fourth quarter worth about $52,000. Citadel Advisors LLC purchased a new position in ECARX during the fourth quarter worth about $68,000. Finally, Green Alpha Advisors LLC acquired a new position in ECARX in the 4th quarter valued at about $167,000.

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.