XPeng (NYSE:XPEV) Shares Gap Up After Better-Than-Expected Earnings

Shares of XPeng Inc. (NYSE:XPEV) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $22.64, but opened at $23.27. XPeng shares last traded at $23.46, with a volume of 1,729,431 shares changing hands.

The company reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.36) by $1.17. The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $16.11 billion. XPeng had a negative net margin of 15.35% and a negative return on equity of 16.92%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on XPEV shares. Daiwa Capital Markets reaffirmed a “neutral” rating and issued a $24.00 target price on shares of XPeng in a research note on Wednesday. China Renaissance raised shares of XPeng from a “hold” rating to a “buy” rating and set a $16.70 price objective on the stock in a research note on Friday, November 22nd. Citigroup raised shares of XPeng from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $13.70 to $29.00 in a research note on Monday, March 10th. JPMorgan Chase & Co. reduced their price objective on shares of XPeng from $35.00 to $31.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Bank of America lifted their price objective on shares of XPeng from $18.60 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.02.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. lifted its stake in XPeng by 5.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,044 shares of the company’s stock valued at $154,000 after buying an additional 716 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in XPeng by 55.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,508 shares of the company’s stock valued at $30,000 after buying an additional 898 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in XPeng by 3.9% in the fourth quarter. Quadrant Capital Group LLC now owns 24,192 shares of the company’s stock valued at $286,000 after buying an additional 913 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in XPeng by 7.7% in the fourth quarter. Sequoia Financial Advisors LLC now owns 14,386 shares of the company’s stock valued at $170,000 after buying an additional 1,027 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its stake in XPeng by 50.7% in the fourth quarter. Lindbrook Capital LLC now owns 3,382 shares of the company’s stock valued at $40,000 after buying an additional 1,138 shares in the last quarter. Institutional investors own 21.09% of the company’s stock.

XPeng Stock Up 5.1 %

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 company has a market capitalization of $22.42 billion, a price-to-earnings ratio of -27.35 and a beta of 2.68. The stock’s fifty day moving average price is $17.90 and its 200-day moving average price is $13.86.

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.