XPeng (NYSE:XPEV) Shares Gap Up on Earnings Beat

XPeng Inc. (NYSE:XPEV - Get Free Report) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $19.69, but opened at $21.13. XPeng shares last traded at $22.36, with a volume of 9,708,200 shares.

The company reported ($0.10) earnings per share for the quarter, topping analysts' consensus estimates of ($1.51) by $1.41. XPeng had a negative return on equity of 16.92% and a negative net margin of 15.35%.

Wall Street Analysts Forecast Growth

XPEV has been the topic of a number of research analyst reports. Nomura Securities raised XPeng to a "strong-buy" rating in a research note on Tuesday, March 18th. Bank of America raised their target price on XPeng from $18.60 to $27.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Citigroup upgraded shares of XPeng from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $13.70 to $29.00 in a report on Monday, March 10th. Nomura upgraded shares of XPeng from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $14.00 to $30.00 in a report on Wednesday, March 19th. Finally, Sanford C. Bernstein set a $18.00 price objective on shares of XPeng and gave the stock a "market perform" rating in a report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $22.20.

Hedge Funds Weigh In On XPeng

Large investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC grew its stake in XPeng by 70.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,291 shares of the company's stock valued at $27,000 after acquiring an additional 532 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of XPeng by 55.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,508 shares of the company's stock worth $30,000 after acquiring an additional 898 shares during the last quarter. Atlas Capital Advisors Inc. boosted its position in shares of XPeng by 651.0% in the first quarter. Atlas Capital Advisors Inc. now owns 1,502 shares of the company's stock worth $31,000 after acquiring an additional 1,302 shares during the last quarter. Avior Wealth Management LLC raised its holdings in XPeng by 1,215.2% in the fourth quarter. Avior Wealth Management LLC now owns 2,775 shares of the company's stock valued at $33,000 after buying an additional 2,564 shares during the period. Finally, Garde Capital Inc. purchased a new position in XPeng in the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 21.09% of the company's stock.

XPeng Price Performance

The company's fifty day moving average is $20.01 and its 200 day moving average is $16.72. The company has a quick ratio of 1.18, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. The stock has a market cap of $21.24 billion, a PE ratio of -25.83 and a beta of 2.64.

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.

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