XPeng (NYSE:XPEV) Shares Gap Up to $8.43

Shares of XPeng Inc. (NYSE:XPEV) gapped up prior to trading on Thursday . The stock had previously closed at $8.43, but opened at $8.68. XPeng shares last traded at $8.82, with a volume of 2,735,554 shares trading hands.

Analysts Set New Price Targets

Several research firms have weighed in on XPEV. Citigroup dropped their price target on XPeng from $8.30 to $7.60 and set a “neutral” rating for the company in a research report on Wednesday, August 21st. Daiwa America raised XPeng to a “strong-buy” rating in a research note on Thursday, May 23rd. Daiwa Capital Markets raised shares of XPeng from a “neutral” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Thursday, May 23rd. JPMorgan Chase & Co. raised shares of XPeng from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $8.00 to $11.50 in a research note on Thursday. Finally, Macquarie upgraded shares of XPeng from a “neutral” rating to an “outperform” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $12.08.

XPeng Stock Down 3.1 %

The firm has a fifty day simple moving average of $7.80 and a 200 day simple moving average of $8.12. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.31 and a current ratio of 1.50. The company has a market cap of $8.06 billion, a PE ratio of -5.78 and a beta of 2.75.

Institutional Investors Weigh In On XPeng

A number of institutional investors have recently bought and sold shares of XPEV. Norges Bank purchased a new stake in XPeng during the fourth quarter valued at about $41,993,000. Bank of Montreal Can lifted its stake 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 valued at $31,910,000 after purchasing an additional 2,724,549 shares in the last quarter. Electron Capital Partners LLC purchased a new stake in shares of XPeng during the 4th quarter worth about $26,047,000. Primecap Management Co. CA increased its position in XPeng by 5.6% during the 2nd quarter. Primecap Management Co. CA now owns 16,421,385 shares of the company’s stock worth $120,369,000 after purchasing an additional 872,160 shares in the last quarter. Finally, Point72 Europe London LLP acquired a new stake in XPeng during the 2nd quarter worth approximately $5,923,000. 23.05% of the stock is currently owned by hedge funds and other institutional investors.

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.