XPeng (NYSE:XPEV) Shares Gap Down on Analyst Downgrade

XPeng Inc. (NYSE:XPEV) gapped down prior to trading on Thursday after The Goldman Sachs Group downgraded the stock from a buy rating to a neutral rating. The stock had previously closed at $12.64, but opened at $12.12. The Goldman Sachs Group now has a $12.50 price target on the stock. XPeng shares last traded at $12.15, with a volume of 1,959,963 shares traded.

XPEV has been the topic of several other research reports. Sanford C. Bernstein boosted their price objective on shares of XPeng from $9.00 to $14.00 and gave the stock a “market perform” rating in a report on Wednesday. Bank of America cut their price target on XPeng from $11.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. Macquarie raised XPeng from a “neutral” rating to an “outperform” rating in a report on Friday, August 30th. Citigroup lowered their price objective on XPeng from $14.60 to $13.70 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, JPMorgan Chase & Co. raised XPeng from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $8.00 to $11.50 in a research report on Thursday, September 5th. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.39.

Hedge Funds Weigh In On XPeng

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Virtu Financial LLC bought a new position in shares of XPeng in the third quarter valued at approximately $915,000. Y Intercept Hong Kong Ltd acquired a new stake in XPeng in the third quarter worth about $6,233,000. Quantinno Capital Management LP raised its stake in shares of XPeng by 99.2% during the third quarter. Quantinno Capital Management LP now owns 27,153 shares of the company’s stock worth $331,000 after buying an additional 13,520 shares during the last quarter. Point72 Italy S.r.l. bought a new position in XPeng in the third quarter valued at approximately $1,160,000. Finally, Polymer Capital Management HK LTD bought a new position in shares of XPeng in the 3rd quarter worth $487,000. Institutional investors own 23.05% of the company’s stock.

XPeng Stock Performance

The stock has a market cap of $11.55 billion, a P/E ratio of -14.10 and a beta of 2.80. The stock has a fifty day simple moving average of $11.75 and a 200-day simple moving average of $9.26. The company has a quick ratio of 1.31, a current ratio of 1.50 and a debt-to-equity ratio of 0.18.

XPeng (NYSE:XPEV) last posted 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 16.63% and a negative net margin of 15.35%. The business had revenue of $1.12 billion for the quarter. Equities analysts expect that XPeng Inc. will post -1.01 earnings per share for the current fiscal year.

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.