Ecarx Holdings Inc (NASDAQ: ECX) stock price declined by more than 18% on the July 3 trading session. It opened trading at $6.66, dipped to $5.28, hit a high of $6.72, and closed trading at $5.67 with an intraday trading volume of 236,254.
In the past year, ECX stock has not reflected any upper trend. ECX stock prices slipped over 35% weekly and 25.39% monthly. In 52 weeks, the highest trading price of ECX stock was $11.32, while the lowest was $3.02.
The annual price target of ECX stock is $9.28, which is 60-65% higher than the current trading price. The market capitalization of Ecarx Holdings Inc. (NASDAQ: ECX) is $1.913 billion, with an average trading volume of 243,447.
News Related to Ecarx Holdings Inc
JICA Intelligent Robotics Co., Ltd. (“JICA”) will see an increase in investment from ECARX Holdings Inc. (ECARX) which also plans to take a controlling interest in the company.
JICA is a technology company with a focus on devices for intelligent driving. With the help of this round of funding, ECARX will be able to increase its market penetration inside the Geely ecosystem and other industrial areas, spurring total revenue development.
The transaction agreement had already been signed on June 30, 2023. The deal states that ECARX’s equity in JICA will rise from 50% to 70%.
Ecarx Holdings Inc. (NASDAQ: ECX) Earnings & Revenue
In Q1 2023, Ecarx Holdings Inc. (NASDAQ: ECX) reported 1.26% more revenue than the estimated figures. It was predicted that the company would report $114.08 billion, but it surpassed these figures and reported $115.51 million in revenue.
For Q2 and Q3 2023, the estimated revenue is $128.33 million and $157.59 million, respectively. It is important to note that Earning Per Share (EPS) of Ecarx Holdings Inc. surged over 41% more than the estimated EPS.
Ecarx Holdings Inc.’s (NASDAQ: ECX) revenue-to-profit conversion constitutes 28% of gross profit, 39% of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), -42% of Earnings before interest and taxes (EBIT), and -43% net income.
According to TradingView, the company’s financial backers closely hold more than 262 million ECX shares, and the remaining 75.339 million shares are free-floating.
According to Crunchbase, Ecarx Holdings Inc. raised $599.3 million in seven funding rounds. The company is financially backed by CNCB Capital, Lotus Technology, Luminar, Geely, Geely Automobile Holdings Limited, SPDB International Holdings, and Hangzhou Trust.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/04/ecx-stock-declines-by-18-tied-to-increased-investment-in-jica/