ECARX (NASDAQ:ECX) Shares Gap Down – Should You Sell?

ECARX Holdings, Inc. (NASDAQ:ECX)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $2.06, but opened at $2.0050. ECARX shares last traded at $2.0350, with a volume of 1,441,464 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of ECARX in a report on Wednesday. Wall Street Zen raised ECARX from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, ECARX presently has an average rating of “Hold” and an average target price of $3.20.

ECARX Stock Performance

The firm has a market capitalization of $771.12 million, a price-to-earnings ratio of -9.45 and a beta of 0.76. The company has a 50-day moving average price of $1.79 and a 200-day moving average price of $1.88.

Hedge Funds Weigh In On ECARX

Several institutional investors have recently added to or reduced their stakes in ECX. Legal & General Group Plc acquired a new stake in ECARX in the second quarter valued at $2,341,000. Tudor Investment Corp ET AL raised its position in ECARX by 430.1% during the third quarter. Tudor Investment Corp ET AL now owns 1,279,950 shares of the company’s stock worth $2,573,000 after acquiring an additional 1,038,476 shares during the last quarter. Citadel Advisors LLC purchased a new stake in shares of ECARX in the third quarter valued at about $2,054,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of ECARX in the second quarter valued at approximately $1,722,000. Finally, Jane Street Group LLC increased its position 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 in the last quarter.

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).