ECARX (NASDAQ:ECX) Trading 6.2% Higher – Here’s What Happened

ECARX Holdings Inc. (NASDAQ:ECX) was up 6.2% during trading on Thursday . The stock traded as high as $2.49 and last traded at $2.48. Approximately 2,456,457 shares traded hands during mid-day trading, an increase of 43% from the average daily volume of 1,716,032 shares. The stock had previously closed at $2.33.

Wall Street Analysts Forecast Growth

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

ECARX Trading Up 2.6 %

The firm has a market capitalization of $807.70 million, a price-to-earnings ratio of -4.78 and a beta of 0.31. The stock’s fifty day moving average price is $1.93 and its two-hundred day moving average price is $1.85.

Institutional Trading of ECARX

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new stake in shares of ECARX in the fourth quarter valued at approximately $630,000. Jane Street Group LLC purchased a new stake in ECARX in the 4th quarter valued at $364,000. Barclays PLC acquired a new stake in ECARX during the 4th quarter worth $348,000. Virtu Financial LLC purchased a new position in ECARX during the 4th quarter worth $319,000. Finally, Marshall Wace LLP acquired a new position in ECARX in the fourth quarter valued at $245,000.

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.