ECARX (NASDAQ:ECX) Shares Gap Up – What’s Next?

ECARX Holdings, Inc. (NASDAQ:ECX)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $2.08, but opened at $2.23. ECARX shares last traded at $2.31, with a volume of 631,925 shares traded.

ECARX Trading Up 8.2%

The stock’s 50-day simple moving average is $1.75 and its 200-day simple moving average is $1.80. The stock has a market cap of $834.14 million, a price-to-earnings ratio of -6.43 and a beta of 0.68.

ECARX (NASDAQ:ECX) last issued its quarterly earnings results on Wednesday, April 30th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates 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. On average, equities research analysts forecast that ECARX Holdings, Inc. will post -0.42 earnings per share for the current year.

Hedge Funds Weigh In On ECARX

Large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its stake in ECARX by 43.3% during the first 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 last quarter. Jane Street Group LLC raised its stake in ECARX by 234.4% during the first quarter. Jane Street Group LLC now owns 576,490 shares of the company’s stock worth $726,000 after buying an additional 404,119 shares during the last quarter. Hhlr Advisors LTD. bought a new position in ECARX during the first quarter worth $504,000. Cubist Systematic Strategies LLC bought a new position in ECARX during the first quarter worth $213,000. Finally, Ghisallo Capital Management LLC bought a new position in ECARX during the first quarter worth $441,000.

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.