XPeng (NYSE:XPEV) Shares Gap Up - Here's What Happened

Shares of XPeng Inc. (NYSE:XPEV - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $19.33, but opened at $20.32. XPeng shares last traded at $20.17, with a volume of 1,550,461 shares traded.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Daiwa America downgraded XPeng from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 19th. Sanford C. Bernstein set a $19.00 price target on XPeng and gave the stock a "market perform" rating in a report on Thursday, May 22nd. Bank of America lifted their price objective on XPeng from $18.60 to $27.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Macquarie reiterated a "neutral" rating and set a $18.00 price target on shares of XPeng in a research report on Friday, February 7th. Finally, UBS Group upgraded XPeng from a "sell" rating to a "neutral" rating and lifted their price objective for the stock from $8.80 to $18.00 in a research report on Monday, February 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $22.29.

XPeng Price Performance

The company has a current ratio of 1.37, a quick ratio of 1.18 and a debt-to-equity ratio of 0.22. The firm has a market cap of $18.34 billion, a price-to-earnings ratio of -22.21 and a beta of 2.64. The company's 50-day moving average is $19.61 and its 200-day moving average is $17.06.

XPeng (NYSE:XPEV - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.51) by $1.41. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $15.80 billion. XPeng had a negative net margin of 15.35% and a negative return on equity of 16.92%. Equities research analysts predict that XPeng Inc. will post -0.96 earnings per share for the current year.

Institutional Investors Weigh In On XPeng

Several hedge funds and other institutional investors have recently bought and sold shares of XPEV. Alibaba Group Holding Ltd raised its holdings in shares of XPeng by 21.2% in the 4th quarter. Alibaba Group Holding Ltd now owns 37,959,232 shares of the company's stock worth $448,678,000 after purchasing an additional 6,650,000 shares during the period. TMT General Partner Ltd lifted its position in shares of XPeng by 88.2% in the 1st quarter. TMT General Partner Ltd now owns 32,726,800 shares of the company's stock worth $678,099,000 after purchasing an additional 15,340,907 shares during the period. BNP Paribas Financial Markets lifted its position in XPeng by 567.4% during the 1st quarter. BNP Paribas Financial Markets now owns 5,306,883 shares of the company's stock valued at $109,959,000 after acquiring an additional 4,511,751 shares during the period. JPMorgan Chase & Co. raised its holdings in XPeng by 1,138.1% in the fourth quarter. JPMorgan Chase & Co. now owns 4,598,454 shares of the company's stock worth $54,354,000 after buying an additional 4,227,055 shares during the last quarter. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of XPeng by 947.5% in 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 worth $20,800,000 after acquiring an additional 1,591,750 shares during the period. 21.09% of the stock is owned by institutional investors.

About XPeng

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.