XPENG (NYSE:XPEV) Shares Down 4.1% After Analyst Downgrade

Key Points

• XPeng shares fell 4.1% to $9.545 after JPMorgan downgraded the stock from overweight to neutral; trading volume was about 40% below average.
• Analyst sentiment is mixed but leans cautious, with XPeng carrying a consensus “Hold” rating and an average price target of $23.65. Barclays rates it underweight, while UBS and JPMorgan are neutral.
• Institutional ownership stands at 21.09%, with several hedge funds establishing new positions or increasing their stakes during the second quarter.

XPENG Inc. Sponsored ADR (NYSE:XPEV - Get Free Report) fell 4.1% during mid-day trading on Tuesday after JPMorgan Chase & Co. downgraded the stock from an overweight rating to a neutral rating. The company traded as low as $9.47 and last traded at $9.5450. Approximately 4,182,416 shares were traded during trading, a decline of 40% from the average session volume of 6,923,724 shares. The stock had previously closed at $9.95.

Other equities research analysts have also issued reports about the stock. Weiss Ratings lowered shares of XPENG from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, September 10th. Barclays dropped their price target on XPENG from $15.00 to $14.00 and set an "underweight" rating on the stock in a research note on Tuesday, August 25th. Finally, UBS Group assumed coverage on XPENG in a report on Wednesday, September 9th. They issued a "neutral" rating and a $12.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat.com, XPENG currently has a consensus rating of "Hold" and an average target price of $23.65.

Hedge Funds Weigh In On XPENG

A number of hedge funds have recently modified their holdings of the company. QRG Capital Management Inc. purchased a new stake in shares of XPENG in the second quarter worth $187,000. Altar Rock LLC purchased a new position in shares of XPENG during the 2nd quarter valued at $196,000. Integrated Wealth Concepts LLC bought a new position in XPENG in the 2nd quarter worth $81,000. Nykredit A S purchased a new stake in XPENG in the 2nd quarter worth $825,000. Finally, TD Waterhouse Canada Inc. increased its stake in XPENG by 91.4% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 6,680 shares of the company's stock worth $91,000 after buying an additional 3,190 shares in the last quarter. 21.09% of the stock is currently owned by institutional investors.

XPENG Trading Down 4.1%

The company has a quick ratio of 0.86, a current ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a fifty day simple moving average of $11.51 and a 200 day simple moving average of $14.36. The firm has a market capitalization of $9.11 billion, a P/E ratio of -19.89 and a beta of 1.11.

XPENG Company Profile

XPeng Inc NYSE: XPEV is a Chinese smart electric vehicle manufacturer that designs, develops, manufactures and markets battery-powered passenger vehicles. The company combines vehicle engineering with software, connectivity and advanced driver-assistance technologies to provide digitally integrated driving experiences.

XPeng's product portfolio has included electric sedans, sport utility vehicles and multi-purpose vehicles, including the P7 sedan, G6 and G9 SUVs, and X9 MPV. Its technology offerings include the XNGP advanced driver-assistance system, in-vehicle operating systems and related smart-cockpit features.

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