ECARX (NASDAQ:ECX) Sees Large Volume Increase – Still a Buy?

ECARX Holdings Inc. (NASDAQ:ECX) shares saw strong trading volume on Wednesday . 2,568,252 shares traded hands during trading, an increase of 59% from the previous session’s volume of 1,617,442 shares.The stock last traded at $2.33 and had previously closed at $2.15.

Analysts Set New Price Targets

Separately, UBS Group initiated coverage on ECARX in a research note on Tuesday, February 11th. They set a “buy” rating and a $3.20 target price for the company.

ECARX Price Performance

The company has a fifty day moving average of $1.92 and a 200-day moving average of $1.84. The firm has a market cap of $776.61 million, a P/E ratio of -4.61 and a beta of 0.31.

Hedge Funds Weigh In On ECARX

A number of large investors have recently added to or reduced their stakes in ECX. Two Sigma Securities LLC purchased a new stake in shares of ECARX in the 4th quarter worth about $30,000. Tower Research Capital LLC TRC purchased a new stake in shares of ECARX in the 4th quarter worth approximately $32,000. XTX Topco Ltd purchased a new stake in shares of ECARX during the fourth quarter valued at $52,000. Citadel Advisors LLC acquired a new position in shares of ECARX during the 4th quarter worth about $68,000. Finally, Northern Trust Corp grew its stake in ECARX by 103.8% during the 4th quarter. Northern Trust Corp now owns 81,616 shares of the company’s stock valued at $172,000 after acquiring an additional 41,568 shares in the last quarter.

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.