XPeng (NYSE:XPEV) Raised to “Buy” at China Renaissance

China Renaissance upgraded shares of XPeng (NYSE:XPEV) from a hold rating to a buy rating in a research report report published on Friday morning, MarketBeat.com reports. They currently have $16.70 price target on the stock.

A number of other equities research analysts have also recently issued reports on the company. Sanford C. Bernstein boosted their price objective on XPeng from $9.00 to $14.00 and gave the company a “market perform” rating in a research note on Wednesday, November 20th. Citigroup lowered their price target on shares of XPeng from $14.60 to $13.70 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. JPMorgan Chase & Co. raised shares of XPeng from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $8.00 to $11.50 in a report on Thursday, September 5th. The Goldman Sachs Group cut shares of XPeng from a “buy” rating to a “neutral” rating and set a $12.50 target price on the stock. in a report on Thursday, November 21st. Finally, Bank of America cut their price target on XPeng from $11.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.05.

XPeng Stock Performance

NYSE XPEV opened at $11.62 on Friday. The company has a market capitalization of $10.95 billion, a PE ratio of -13.36 and a beta of 2.80. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.18 and a current ratio of 1.37. XPeng has a 52-week low of $6.55 and a 52-week high of $18.25. The company has a 50-day simple moving average of $11.86 and a 200 day simple moving average of $9.32.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Primecap Management Co. CA raised its holdings in XPeng by 5.6% in the second quarter. Primecap Management Co. CA now owns 16,421,385 shares of the company’s stock worth $120,369,000 after buying an additional 872,160 shares during the last quarter. Bank of Montreal Can increased its position 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 valued at $31,910,000 after acquiring an additional 2,724,549 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in XPeng in the 3rd quarter worth approximately $22,047,000. DekaBank Deutsche Girozentrale lifted its position in XPeng by 100.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,100,000 shares of the company’s stock valued at $8,864,000 after acquiring an additional 550,000 shares in the last quarter. Finally, Point72 Europe London LLP purchased a new stake in XPeng during the 2nd quarter valued at $5,923,000. Institutional investors own 23.05% of the company’s stock.

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.