XPeng (NYSE:XPEV) Shares Gap Up – Here’s Why

XPeng Inc. (NYSE:XPEV)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $19.13, but opened at $20.74. XPeng shares last traded at $21.42, with a volume of 7,784,874 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. The Goldman Sachs Group downgraded 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. Macquarie reissued a “neutral” rating and set a $18.00 price target on shares of XPeng in a research note on Friday, February 7th. Citigroup decreased their target price 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. Sanford C. Bernstein raised 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. Finally, China Renaissance raised XPeng from a “hold” rating to a “buy” rating and set a $16.70 target price on the stock in a research report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $13.93.

XPeng Stock Performance

The firm has a market cap of $20.63 billion, a PE ratio of -25.21 and a beta of 2.77. The business has a 50 day simple moving average of $14.51 and a two-hundred day simple moving average of $12.13. The company has a quick ratio of 1.18, a current ratio of 1.37 and a debt-to-equity ratio of 0.22.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Alibaba Group Holding Ltd boosted its stake in shares of XPeng by 21.2% during the fourth quarter. Alibaba Group Holding Ltd now owns 37,959,232 shares of the company’s stock valued at $448,678,000 after purchasing an additional 6,650,000 shares in the last quarter. TMT General Partner Ltd bought a new stake in XPeng during the 4th quarter valued at $205,501,000. JPMorgan Chase & Co. increased its holdings in shares of XPeng by 1,138.1% in the 4th quarter. JPMorgan Chase & Co. now owns 4,598,454 shares of the company’s stock valued at $54,354,000 after acquiring an additional 4,227,055 shares during the period. Point72 Hong Kong Ltd bought a new position in shares of XPeng in the 3rd quarter worth $22,047,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of XPeng by 947.5% during the 4th quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,759,750 shares of the company’s stock worth $20,800,000 after purchasing an additional 1,591,750 shares during the last quarter. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

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.