XPeng (NYSE:XPEV) Shares Gap Down to $10.70

Shares of XPeng Inc. (NYSE:XPEV) gapped down prior to trading on Wednesday . The stock had previously closed at $10.70, but opened at $10.15. XPeng shares last traded at $10.13, with a volume of 2,415,366 shares trading hands.

Analysts Set New Price Targets

Several brokerages recently weighed in on XPEV. Citigroup cut their target price on shares of XPeng from $8.30 to $7.60 and set a “neutral” rating on the stock in a research note on Wednesday, August 21st. Macquarie upgraded XPeng from a “neutral” rating to an “outperform” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. raised XPeng from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $8.00 to $11.50 in a research note on Thursday, September 5th. Finally, Bank of America cut their price target on XPeng from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, XPeng has an average rating of “Buy” and an average price target of $9.42.

XPeng Trading Down 2.8 %

The stock has a market cap of $9.80 billion, a price-to-earnings ratio of -6.82 and a beta of 2.75. The business’s 50 day moving average is $8.04 and its 200 day moving average is $8.10. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.50 and a quick ratio of 1.31.

XPeng (NYSE:XPEV) last released its quarterly earnings data on Tuesday, August 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. XPeng had a negative return on equity of 23.38% and a negative net margin of 21.64%. The business had revenue of $1.12 billion for the quarter. As a group, equities analysts expect that XPeng Inc. will post -0.95 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of XPEV. Norges Bank acquired a new position in XPeng during the fourth quarter worth approximately $41,993,000. Bank of Montreal Can grew its holdings in shares of XPeng by 212.1% during the second quarter. Bank of Montreal Can now owns 4,008,846 shares of the company’s stock worth $31,910,000 after buying an additional 2,724,549 shares during the last quarter. Electron Capital Partners LLC acquired a new position in XPeng in the 4th quarter valued at about $26,047,000. Primecap Management Co. CA raised its stake in XPeng by 5.6% during the 2nd quarter. Primecap Management Co. CA now owns 16,421,385 shares of the company’s stock valued at $120,369,000 after acquiring an additional 872,160 shares during the last quarter. Finally, Point72 Europe London LLP acquired a new stake in XPeng during the 2nd quarter worth approximately $5,923,000. Institutional investors and hedge funds own 23.05% 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.