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

Key Points

• XPeng Inc. shares gapped up from a previous close of $21.27 to open at $21.94, closing last at $22.85, with significant trading volume of 3,413,673 shares.
• Multiple research firms have set new price targets on XPeng, with Citigroup raising its target to $29.40 and CLSA upgrading the stock to a "strong-buy" rating.
• Hedge funds and institutional investors now own 21.09% of XPeng's stock, with notable increases in holdings from firms like TMT General Partner Ltd, which grew their position by 88.2%.

XPeng Inc. Sponsored ADR (NYSE:XPEV - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $21.27, but opened at $21.94. XPeng shares last traded at $22.85, with a volume of 3,413,673 shares.

Analysts Set New Price Targets

Several research firms recently issued reports on XPEV. BNP Paribas began coverage on XPeng in a research note on Monday, August 18th. They set a "hold" rating on the stock. Citigroup increased their target price on XPeng from $29.00 to $29.40 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Morgan Stanley set a $28.00 target price on XPeng and gave the stock an "overweight" rating in a research note on Thursday, June 12th. BNP Paribas Exane initiated coverage on XPeng in a research report on Monday, August 18th. They issued a "neutral" rating and a $19.00 price target on the stock. Finally, CLSA upgraded XPeng to a "strong-buy" rating in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, XPeng has a consensus rating of "Moderate Buy" and a consensus price target of $23.85.

XPeng Stock Up 5.7%

The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.00 and a current ratio of 1.14. The firm has a fifty day moving average price of $20.33 and a 200 day moving average price of $19.97. The firm has a market capitalization of $21.33 billion, a price-to-earnings ratio of -35.62 and a beta of 2.51.

Hedge Funds Weigh In On XPeng

Several hedge funds have recently bought and sold shares of XPEV. Vise Technologies Inc. purchased a new position in XPeng during the fourth quarter worth $142,000. Public Employees Retirement System of Ohio purchased a new stake in shares of XPeng in the fourth quarter valued at $70,000. Parallel Advisors LLC grew its position in shares of XPeng by 18.9% in the first quarter. Parallel Advisors LLC now owns 9,936 shares of the company's stock valued at $206,000 after purchasing an additional 1,576 shares during the period. TMT General Partner Ltd grew its position in shares of XPeng by 88.2% in the first quarter. TMT General Partner Ltd now owns 32,726,800 shares of the company's stock valued at $678,099,000 after purchasing an additional 15,340,907 shares during the period. Finally, Farther Finance Advisors LLC grew its position in shares of XPeng by 70.1% in the first quarter. Farther Finance Advisors LLC now owns 1,291 shares of the company's stock valued at $27,000 after purchasing an additional 532 shares during the period. Hedge funds and other institutional investors own 21.09% of the company's stock.

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.

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