11X Stock Market Accelerator Summit

Eric Fry reveals how an A.I.-based secret could make you up to 11 times RICHER on the same stocks you’re investing in now… without using options, leverage, or anything risky.

Wed, September 27 at 8:00PM ET

5 Investors Betting on ECARX (ECX) Stock in 2023


  • Chinese electric vehicle (EV) tech producer ECARX (ECX) is on a winning streak.
  • But that doesn’t mean institutional investors are bullish on it.
  • Several top shareholders are company insiders, though one industry peer maintains a stake.
"ECX stock" - 5 Investors Betting on ECARX (ECX) Stock in 2023

Source: Hermin / Shutterstock.com

One of this week’s biggest market movers is ECARX Holdings (NASDAQ:ECX). This Chinese tech firm has operated mostly under the radar for months, despite producing innovative products helping power the electric vehicle (EV) boom. However, yesterday, ECX stock skyrocketed, rising more than 150% before hitting its peak today.

While they have come down slightly, shares still remain highly elevated. As of this writing, ECX is up 120% for the day and is no longer trading at penny-stock levels. These gains don’t appear to have been driven by any company-specific news, as ECARX hasn’t reported any major catalysts lately.

ECX stock is still fairly new to trading. It came public in December 2022 via a special purpose acquisition company (SPAC) merger with COVA Acquisition Corp, a company with the backing of the chairman of Chinese automotive conglomerate Geely.

Since its debut, however, ECARX hasn’t shown much momentum until yesterday, falling 30% since the initial public offering (IPO). While it does not have high institutional investment, some backers still remain behind ECARX as it continues rising.

Investment banks and hedge funds seem more interested in Chinese companies like Baidu (NASDAQ:BIDU) and SoundHound AI (NASDAQ:SOUN), which have been receiving considerable attention for their work within the field of artificial intelligence (AI). However, data from Whale Wisdom strongly indicates that institutional sentiment toward ECX stock has been declining since the SPAC merger.

5 Investors Betting Big on ECX Stock

As InvestorPlace Assistant News Writer Eddie Pan reports, “tracking institutional ownership is important, as these large investors provide liquidity and support for stocks.” According to Whale Wisdom, fund ownership has declined 90% in the most recent quarter, falling from 80 funds in Q3 to just eight as of Q4. The number of 13F filings has fallen 98%. Ownership percentage is down almost 100%. The only metric in the green is closed positions, which has increased from 7o to 12, up 533%.

Let’s take a look at the top investors betting big on ECX stock:

  1. Company co-founder and chairman Eric Li: 168,921,042 shares.
  2. Shine Link Ventures: 46,286,745 shares.
  3. Company co-founder and CEO Shen Ziyu: 24,480,468 shares.
  4. Baidu: 22,367,956 shares.
  5. Altshuler Shaham: 599,992 shares.

On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Samuel O’Brient has been covering financial markets and analyzing economic policy for three-plus years. His areas of expertise involve electric vehicle (EV) stocks, green energy and NFTs. O’Brient loves helping everyone understand the complexities of economics. He is ranked in the top 15% of stock pickers on TipRanks.

Article printed from InvestorPlace Media, https://investorplace.com/2023/02/5-investors-betting-on-ecarx-ecx-stock-in-2023/.

©2023 InvestorPlace Media, LLC