XPeng (NYSE:XPEV) Shares Gap Up – Here’s Why

XPeng Inc. (NYSE:XPEV)’s share price gapped up before the market opened on Friday . The stock had previously closed at $10.22, but opened at $10.94. XPeng shares last traded at $10.86, with a volume of 3,899,700 shares trading hands.

Analyst Ratings Changes

Several research firms have recently issued reports on XPEV. JPMorgan Chase & Co. upgraded XPeng from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $8.00 to $11.50 in a research report on Thursday, September 5th. Macquarie upgraded XPeng from a “neutral” rating to an “outperform” rating in a report on Friday, August 30th. Bank of America decreased their target price on XPeng from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Finally, Citigroup cut their price target on shares of XPeng from $8.30 to $7.60 and set a “neutral” rating on the stock in a research report on Wednesday, August 21st. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $9.42.

XPeng Price Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.31 and a current ratio of 1.50. The firm has a market capitalization of $9.88 billion, a price-to-earnings ratio of -7.09 and a beta of 2.79. The company has a 50-day moving average of $9.52 and a 200-day moving average of $8.49.

XPeng (NYSE:XPEV) last announced its earnings results on Tuesday, August 20th. The company reported ($0.19) earnings per share for the quarter. XPeng had a negative return on equity of 23.38% and a negative net margin of 21.64%. The company had revenue of $1.12 billion during the quarter. As a group, research analysts anticipate that XPeng Inc. will post -0.95 EPS for the current fiscal year.

Hedge Funds Weigh In On XPeng

Several hedge funds have recently made changes to their positions in XPEV. Bank of Montreal Can increased its position in shares of XPeng by 212.1% during the 2nd quarter. Bank of Montreal Can now owns 4,008,846 shares of the company’s stock worth $31,910,000 after purchasing an additional 2,724,549 shares during the last quarter. Primecap Management Co. CA grew its stake in shares of XPeng by 5.6% in the second quarter. Primecap Management Co. CA now owns 16,421,385 shares of the company’s stock valued at $120,369,000 after buying an additional 872,160 shares in the last quarter. Point72 Europe London LLP acquired a new position in XPeng during the second quarter worth $5,923,000. Russell Investments Group Ltd. raised its position in XPeng by 73.7% during the first quarter. Russell Investments Group Ltd. now owns 1,415,568 shares of the company’s stock worth $10,872,000 after acquiring an additional 600,437 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its stake in XPeng by 100.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 1,100,000 shares of the company’s stock valued at $8,864,000 after acquiring an additional 550,000 shares during the last quarter. 23.05% of the stock is owned by institutional investors.

XPeng Company Profile

XPeng Inc designs, develops, manufactures, and markets smart electric vehicles (EVs) in the People's Republic of China. It offers SUVs under the G3, G3i, and G9 names; four-door sports sedans under the P7 and P7i names; and family sedans under the P5 name. The company also provides sales contracts, super charging, maintenance, technical support, auto financing, insurance, technology support, ride-hailing, automotive loan referral, and other services, as well as vehicle leasing and insurance agency services.