XPeng (NYSE:XPEV) Shares Down 5.8% After Analyst Downgrade

XPeng Inc. (NYSE:XPEV) shares dropped 5.8% during mid-day trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $35.00 to $31.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. XPeng traded as low as $22.22 and last traded at $22.43. Approximately 3,189,841 shares traded hands during trading, a decline of 76% from the average daily volume of 13,290,787 shares. The stock had previously closed at $23.80.

Several other equities analysts have also issued reports on XPEV. Daiwa Capital Markets reaffirmed a “neutral” rating and set a $24.00 price target on shares of XPeng in a research note on Wednesday. The Goldman Sachs Group downgraded XPeng from a “buy” rating to a “neutral” rating and set a $12.50 price objective for the company. in a report on Thursday, November 21st. Citigroup upgraded XPeng from a “neutral” rating to a “buy” rating and upped their price objective for the company from $13.70 to $29.00 in a report on Monday, March 10th. Bank of America upped their price objective on XPeng from $18.60 to $27.00 and gave the company a “buy” rating in a report on Wednesday. Finally, UBS Group upgraded XPeng from a “sell” rating to a “neutral” rating and upped their price objective for the company from $8.80 to $18.00 in a report on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, XPeng presently has an average rating of “Moderate Buy” and an average price target of $21.84.

Institutional Investors Weigh In On XPeng

Large investors have recently modified their holdings of the business. TMT General Partner Ltd bought a new position in shares of XPeng during the fourth quarter worth about $205,501,000. Alibaba Group Holding Ltd boosted its position 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 during the last quarter. JPMorgan Chase & Co. boosted its position in XPeng by 1,138.1% during the fourth quarter. JPMorgan Chase & Co. now owns 4,598,454 shares of the company’s stock valued at $54,354,000 after purchasing an additional 4,227,055 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in XPeng during the third quarter valued at approximately $22,047,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in XPeng by 947.5% during the fourth 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 Stock Down 7.3 %

The firm has a 50-day moving average of $18.10 and a 200 day moving average of $13.92. 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 stock has a market capitalization of $20.79 billion, a price-to-earnings ratio of -25.36 and a beta of 2.68.

XPeng (NYSE:XPEV) last issued its quarterly earnings results on Tuesday, March 18th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($1.36) by $1.17. XPeng had a negative return on equity of 16.92% and a negative net margin of 15.35%. The firm had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $16.11 billion. As a group, sell-side analysts forecast that XPeng Inc. will post -0.96 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.