ECARX Holdings Inc. (NASDAQ:ECX) Sees Significant Increase in Short Interest

ECARX Holdings Inc. (NASDAQ:ECX) was the recipient of a significant growth in short interest in March. As of March 15th, there was short interest totalling 1,320,000 shares, a growth of 122.3% from the February 28th total of 593,900 shares. Based on an average trading volume of 2,480,000 shares, the days-to-cover ratio is currently 0.5 days. Approximately 1.2% of the company’s stock are short sold.

ECARX Stock Down 33.6 %

Shares of NASDAQ ECX traded down $0.76 during midday trading on Friday, hitting $1.50. The stock had a trading volume of 37,319,379 shares, compared to its average volume of 916,781. The business’s 50 day moving average is $2.19 and its 200-day moving average is $1.97. ECARX has a 52 week low of $0.96 and a 52 week high of $3.25. The company has a market cap of $506.93 million, a P/E ratio of -3.00 and a beta of 0.23.

Hedge Funds Weigh In On ECARX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Green Alpha Advisors LLC purchased a new position in shares of ECARX in the fourth quarter worth $167,000. Virtu Financial LLC bought a new stake in ECARX in the 4th quarter worth about $319,000. Millennium Management LLC bought a new stake in ECARX in the 4th quarter worth about $207,000. Citadel Advisors LLC purchased a new position in ECARX in the 4th quarter worth about $68,000. Finally, Northern Trust Corp lifted 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 during the period.

Analyst Ratings Changes

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

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.