ECARX (NASDAQ:ECX) Hits New 1-Year High – Time to Buy?

Shares of ECARX Holdings Inc. (NASDAQ:ECX) reached a new 52-week high during trading on Thursday . The stock traded as high as $2.98 and last traded at $2.81, with a volume of 1670209 shares changing hands. The stock had previously closed at $2.41.

Analyst Upgrades and Downgrades

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

ECARX Trading Up 2.6 %

The company has a market capitalization of $946.26 million, a price-to-earnings ratio of -5.60 and a beta of 0.23. The stock’s fifty day simple moving average is $1.99 and its 200-day simple moving average is $1.88.

Institutional Inflows and Outflows

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