ECARX (NASDAQ:ECX) Shares Gap Down Following Weak Earnings

ECARX Holdings Inc. (NASDAQ:ECX)’s stock price gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $1.30, but opened at $1.25. ECARX shares last traded at $1.41, with a volume of 524,301 shares.

The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The firm had revenue of $168.40 million for the quarter, compared to the consensus estimate of $154.18 million.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On ECARX

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

ECARX Stock Up 8.2 %

The company’s 50-day moving average is $1.74 and its two-hundred day moving average is $1.83. The company has a market cap of $537.56 million, a P/E ratio of -2.90 and a beta of 0.47.

ECARX Company Profile

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.