XPeng (NYSE:XPEV) Shares Gap Up – Time to Buy?

XPeng Inc. (NYSE:XPEV)’s share price gapped up before the market opened on Monday . The stock had previously closed at $11.13, but opened at $11.58. XPeng shares last traded at $11.94, with a volume of 2,995,710 shares trading hands.

Analyst Upgrades and Downgrades

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

XPeng Price Performance

The stock’s 50-day moving average price is $9.93 and its 200 day moving average price is $8.61. The company has a quick ratio of 1.31, a current ratio of 1.50 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $11.63 billion, a price-to-earnings ratio of -9.75 and a beta of 2.79.

XPeng (NYSE:XPEV) last released its earnings results on Tuesday, August 20th. The company reported ($0.19) earnings per share for the quarter. The business had revenue of $1.12 billion during the quarter. XPeng had a negative return on equity of 23.38% and a negative net margin of 21.64%. Equities research analysts expect that XPeng Inc. will post -0.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On XPeng

A number of institutional investors have recently bought and sold shares of XPEV. Primecap Management Co. CA raised its holdings in XPeng by 5.6% in the 2nd quarter. Primecap Management Co. CA now owns 16,421,385 shares of the company’s stock valued at $120,369,000 after buying an additional 872,160 shares during the period. Bank of Montreal Can lifted its holdings in shares of XPeng by 212.1% in the 2nd quarter. Bank of Montreal Can now owns 4,008,846 shares of the company’s stock worth $31,910,000 after acquiring an additional 2,724,549 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of XPeng by 73.7% in the 1st quarter. Russell Investments Group Ltd. now owns 1,415,568 shares of the company’s stock worth $10,872,000 after acquiring an additional 600,437 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of XPeng by 100.0% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,100,000 shares of the company’s stock worth $8,864,000 after purchasing an additional 550,000 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in XPeng by 35.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 978,588 shares of the company’s stock valued at $7,516,000 after purchasing an additional 257,300 shares during the last quarter. 23.05% of the stock is 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.