ECARX (NASDAQ:ECX) Shares Gap Up – Here’s Why

ECARX Holdings Inc. (NASDAQ:ECX) gapped up before the market opened on Tuesday . The stock had previously closed at $2.75, but opened at $2.82. ECARX shares last traded at $2.91, with a volume of 843,148 shares trading hands.

Analyst Ratings Changes

Separately, UBS Group assumed coverage on ECARX in a research note on Tuesday, February 11th. They issued a “buy” rating and a $3.20 target price on the stock.

ECARX Price Performance

The business’s fifty day simple moving average is $2.15 and its two-hundred day simple moving average is $1.96. The company has a market cap of $1.04 billion, a PE ratio of -6.13 and a beta of 0.23.

Hedge Funds Weigh In On ECARX

Large investors have recently bought and sold shares of the business. Green Alpha Advisors LLC purchased a new stake in shares of ECARX in the fourth quarter valued at approximately $167,000. Millennium Management LLC acquired a new stake in ECARX in the 4th quarter valued at $207,000. Citadel Advisors LLC purchased a new stake in ECARX in the 4th quarter worth $68,000. Northern Trust Corp raised its position in ECARX by 103.8% during the fourth quarter. Northern Trust Corp now owns 81,616 shares of the company’s stock worth $172,000 after acquiring an additional 41,568 shares during the period. Finally, Jane Street Group LLC purchased a new position in ECARX during the fourth quarter valued at $364,000.

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.