XPENG (NYSE:XPEV) Shares Gap Up - Here's Why

Key Points

• XPENG shares opened higher, rising from a prior close of $9.21 to $9.55 and last trading at $9.715, with about 1.67 million shares changing hands.
• Analyst sentiment remains mixed but leans cautious: JPMorgan downgraded the stock to neutral and cut its target to $11.50, while UBS initiated coverage at neutral with a $12 target. MarketBeat reports a consensus “Hold” rating and a $22.09 price target.
• XPENG has a market capitalization of approximately $9.43 billion, while its shares remain below their 50-day and 200-day moving averages. Institutional investors own about 21.09% of the stock.

XPENG Inc. Sponsored ADR (NYSE:XPEV - Get Free Report) gapped up before the market opened on Tuesday. The stock had previously closed at $9.21, but opened at $9.55. XPENG shares last traded at $9.7150, with a volume of 1,672,789 shares changing hands.

Analyst Ratings Changes

XPEV has been the topic of several recent research reports. Weiss Ratings downgraded XPENG from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, October 14th. UBS Group began coverage on XPENG in a research note on Wednesday, September 9th. They set a "neutral" rating and a $12.00 price objective for the company. JPMorgan Chase & Co. lowered shares of XPENG from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $24.00 to $11.50 in a report on Tuesday, September 29th. Finally, Barclays decreased their target price on shares of XPENG from $15.00 to $14.00 and set an "underweight" rating on the stock in a research note on Tuesday, August 25th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $22.09.

XPENG Stock Performance

The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.86 and a current ratio of 1.11. The company has a market capitalization of $9.43 billion, a P/E ratio of -20.57 and a beta of 1.07. The business's fifty day simple moving average is $10.60 and its 200-day simple moving average is $13.40.

Hedge Funds Weigh In On XPENG

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nykredit A S bought a new stake in XPENG in the 2nd quarter worth approximately $825,000. TD Waterhouse Canada Inc. boosted its position in shares of XPENG by 91.4% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 6,680 shares of the company's stock valued at $91,000 after acquiring an additional 3,190 shares during the last quarter. CX Institutional bought a new position in shares of XPENG during the 3rd quarter valued at approximately $60,000. QRG Capital Management Inc. bought a new position in shares of XPENG during the 2nd quarter valued at approximately $187,000. Finally, Altar Rock LLC purchased a new position in shares of XPENG in the second quarter valued at $196,000. 21.09% of the stock is owned by institutional investors.

XPENG Company Profile

XPeng Inc is a China-based technology company focused on the design, development, manufacture and sale of smart electric vehicles. The company combines electric powertrain technology with software, connectivity and advanced driver-assistance features to develop vehicles intended for digitally connected and increasingly automated transportation.

XPeng's product portfolio has included electric sedans, sport utility vehicles and multipurpose vehicles, such as the P7 sedan, P5 sedan, G6 and G9 SUVs, and X9 multipurpose vehicle.

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