XPeng (NYSE:XPEV) Sets New 52-Week High – Here’s Why

XPeng Inc. (NYSE:XPEV) hit a new 52-week high on Friday . The stock traded as high as $22.92 and last traded at $22.25, with a volume of 14957124 shares changing hands. The stock had previously closed at $21.66.

Wall Street Analyst Weigh In

XPEV has been the subject of several analyst reports. Citigroup decreased their price objective on XPeng from $14.60 to $13.70 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Sanford C. Bernstein boosted their price objective on shares of XPeng from $9.00 to $14.00 and gave the company a “market perform” rating in a research report on Wednesday, November 20th. Macquarie reaffirmed a “neutral” rating and set a $18.00 target price on shares of XPeng in a research note on Friday, February 7th. UBS Group raised shares of XPeng from a “sell” rating to a “neutral” rating and upped their price target for the company from $8.80 to $18.00 in a research report on Monday, February 24th. Finally, China Renaissance upgraded shares of XPeng from a “hold” rating to a “buy” rating and set a $16.70 price objective on the stock in a report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $13.93.

XPeng Price Performance

The firm’s 50-day moving average is $15.93 and its 200-day moving average is $12.92. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.18. The company has a market capitalization of $22.16 billion, a P/E ratio of -27.04 and a beta of 2.68.

Hedge Funds Weigh In On XPeng

A number of hedge funds have recently modified their holdings of XPEV. Alibaba Group Holding Ltd raised its stake in XPeng by 21.2% during the fourth quarter. Alibaba Group Holding Ltd now owns 37,959,232 shares of the company’s stock valued at $448,678,000 after purchasing an additional 6,650,000 shares in the last quarter. TMT General Partner Ltd bought a new stake in shares of XPeng in the 4th quarter valued at about $205,501,000. JPMorgan Chase & Co. boosted its holdings in shares of XPeng by 1,138.1% in the 4th quarter. JPMorgan Chase & Co. now owns 4,598,454 shares of the company’s stock valued at $54,354,000 after buying an additional 4,227,055 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of XPeng in the 3rd quarter valued at approximately $22,047,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of XPeng by 947.5% in the 4th quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,759,750 shares of the company’s stock valued at $20,800,000 after purchasing an additional 1,591,750 shares during the last quarter. 21.09% of the stock is currently 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.