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

XPeng Inc. (NYSE:XPEV)’s share price gapped up before the market opened 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 traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on XPEV. Macquarie raised shares of XPeng from a “neutral” rating to an “outperform” rating in a report on Friday, August 30th. Bank of America reduced their price objective on XPeng from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, August 21st. Daiwa America upgraded XPeng to a “strong-buy” rating in a research note on Thursday, May 23rd. Citigroup dropped their target price on XPeng from $8.30 to $7.60 and set a “neutral” rating on the stock in a report on Wednesday, August 21st. Finally, JPMorgan Chase & Co. raised XPeng from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $8.00 to $11.50 in a report on Thursday. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, XPeng presently has a consensus rating of “Buy” and an average target price of $12.08.

XPeng Stock Down 3.1 %

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in XPEV. Primecap Management Co. CA boosted its position in XPeng by 5.6% during the second 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. Bank of Montreal Can boosted its position 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 buying an additional 2,724,549 shares in the last quarter. Norges Bank acquired a new stake in XPeng in the 4th quarter valued at about $41,993,000. Robeco Schweiz AG increased its holdings in XPeng by 3.8% during the 4th quarter. Robeco Schweiz AG now owns 2,336,330 shares of the company’s stock valued at $34,087,000 after acquiring an additional 85,000 shares in the last quarter. Finally, Electron Capital Partners LLC acquired a new position in XPeng during the fourth quarter worth about $26,047,000. 23.05% of the stock is currently owned by institutional investors and hedge funds.

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.