ECARX (NASDAQ:ECX) Stock Price Down 10.2% – Here’s Why

ECARX Holdings Inc. (NASDAQ:ECX) was down 10.2% on Wednesday . The company traded as low as $2.45 and last traded at $2.58. Approximately 4,515,856 shares traded hands during trading, an increase of 68% from the average daily volume of 2,683,456 shares. The stock had previously closed at $2.87.

Analysts Set New Price Targets

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

ECARX Stock Performance

The company’s fifty day simple moving average is $2.19 and its two-hundred day simple moving average is $1.97. The company has a market capitalization of $506.93 million, a price-to-earnings ratio of -3.00 and a beta of 0.23.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ECX. Renaissance Technologies LLC acquired a new stake in shares of ECARX during the 4th quarter valued at approximately $630,000. Jane Street Group LLC acquired a new stake in shares of ECARX during the fourth quarter worth $364,000. Barclays PLC bought a new position in shares of ECARX in the 4th quarter worth about $348,000. Virtu Financial LLC acquired a new position in shares of ECARX in the 4th quarter valued at about $319,000. Finally, Marshall Wace LLP bought a new stake in shares of ECARX during the 4th quarter valued at about $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.