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

XPeng Inc. (NYSE:XPEV) gapped up before the market opened on Wednesday following a stronger than expected earnings report. 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 traded.

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

Analysts Set New Price Targets

Several research analysts have recently commented on XPEV shares. Bank of America lifted their price target on XPeng from $18.60 to $27.00 and gave the stock a “buy” rating in a report on Wednesday. Sanford C. Bernstein raised their price objective on XPeng from $9.00 to $14.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 20th. Macquarie reissued a “neutral” rating and set a $18.00 price objective on shares of XPeng in a research report on Friday, February 7th. UBS Group raised XPeng from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $8.80 to $18.00 in a research report on Monday, February 24th. Finally, Daiwa Capital Markets reissued a “neutral” rating and set a $24.00 price objective on shares of XPeng in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.07.

Institutional Investors Weigh In On XPeng

Large investors have recently modified their holdings of the company. TMT General Partner Ltd acquired a new stake in shares of XPeng during the fourth quarter worth $205,501,000. Alibaba Group Holding Ltd lifted its holdings 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 worth $448,678,000 after purchasing an additional 6,650,000 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of XPeng by 1,138.1% during the fourth quarter. JPMorgan Chase & Co. now owns 4,598,454 shares of the company’s stock worth $54,354,000 after purchasing an additional 4,227,055 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of XPeng during the third quarter worth $22,047,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in XPeng by 947.5% in the fourth 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 acquiring an additional 1,591,750 shares in the last quarter. 21.09% of the stock is owned by institutional investors and hedge funds.

XPeng Price Performance

The company has a 50-day simple moving average of $17.67 and a 200-day simple moving average of $13.79. The stock has a market cap of $21.99 billion, a PE ratio of -26.90 and a beta of 2.68. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.18.

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.