ECARX (NASDAQ:ECX) Shares Gap Up – Should You Buy?

Shares of ECARX Holdings Inc. (NASDAQ:ECX) gapped up prior to trading on Monday . The stock had previously closed at $2.71, but opened at $2.90. ECARX shares last traded at $2.90, with a volume of 422,511 shares trading hands.

Analyst Upgrades and Downgrades

Separately, UBS Group assumed 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 Trading Up 3.9 %

The company’s fifty day simple moving average is $2.08 and its 200 day simple moving average is $1.92. The firm has a market capitalization of $951.33 million, a P/E ratio of -5.69 and a beta of 0.23.

Institutional Investors Weigh In On ECARX

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Green Alpha Advisors LLC bought a new position in shares of ECARX during the 4th quarter valued at approximately $167,000. Virtu Financial LLC purchased a new position in ECARX during the 4th quarter worth $319,000. Renaissance Technologies LLC bought a new stake in shares of ECARX in the fourth quarter valued at about $630,000. Barclays PLC bought a new stake in shares of ECARX in the 4th quarter valued at about $348,000. Finally, XTX Topco Ltd bought a new stake in ECARX during the 4th quarter valued at $52,000.

ECARX Company Profile

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.