XPeng (NYSE:XPEV) Shares Gap Down – Here’s What Happened

XPeng Inc. (NYSE:XPEV)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $11.05, but opened at $10.70. XPeng shares last traded at $10.56, with a volume of 1,933,041 shares changing hands.

Analyst Upgrades and Downgrades

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

XPeng Stock Performance

The company has a market capitalization of $9.84 billion, a PE ratio of -8.60 and a beta of 2.79. The company has a current ratio of 1.50, a quick ratio of 1.31 and a debt-to-equity ratio of 0.18. The business’s fifty day moving average is $9.39 and its two-hundred day moving average is $8.45.

XPeng (NYSE:XPEV) last released its quarterly earnings data on Tuesday, August 20th. The company reported ($0.19) EPS for the quarter. XPeng had a negative net margin of 21.64% and a negative return on equity of 23.38%. The business had revenue of $1.12 billion for the quarter. Equities research analysts predict that XPeng Inc. will post -0.95 earnings per share for the current year.

Institutional Investors Weigh In On XPeng

A number of hedge funds have recently added to or reduced their stakes in XPEV. Natixis purchased a new position in shares of XPeng in the first quarter worth approximately $38,000. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of XPeng by 122.4% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 5,306 shares of the company’s stock worth $39,000 after purchasing an additional 2,920 shares in the last quarter. Blue Trust Inc. raised its holdings in XPeng by 2,615.9% in the 2nd quarter. Blue Trust Inc. now owns 9,750 shares of the company’s stock worth $75,000 after purchasing an additional 9,391 shares during the period. 180 Wealth Advisors LLC bought a new position in XPeng in the 2nd quarter worth $78,000. Finally, Susquehanna International Securities Ltd. purchased a new position in XPeng during the second quarter valued at $129,000. 23.05% 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.