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

XPeng Inc. (NYSE:XPEV)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $11.39, but opened at $11.90. XPeng shares last traded at $11.93, with a volume of 2,172,446 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on XPEV. Macquarie upgraded shares of XPeng from a “neutral” rating to an “outperform” rating in a report on Friday, August 30th. JPMorgan Chase & Co. raised shares of XPeng from a “neutral” rating to an “overweight” rating and increased their target price for the company from $8.00 to $11.50 in a report on Thursday, September 5th. The Goldman Sachs Group lowered XPeng from a “buy” rating to a “neutral” rating and set a $12.50 price target on the stock. in a research note on Thursday, November 21st. China Renaissance raised XPeng from a “hold” rating to a “buy” rating and set a $16.70 price objective for the company in a research note on Friday, November 22nd. Finally, Bank of America decreased their target price on XPeng from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, August 21st. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, XPeng has an average rating of “Moderate Buy” and a consensus target price of $12.05.

XPeng Stock Performance

The company has a current ratio of 1.37, a quick ratio of 1.18 and a debt-to-equity ratio of 0.22. The business has a fifty day simple moving average of $11.91 and a 200 day simple moving average of $9.35.

Institutional Trading of XPeng

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in XPEV. Harel Insurance Investments & Financial Services Ltd. raised its holdings in XPeng by 122.4% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 5,306 shares of the company’s stock valued at $39,000 after acquiring an additional 2,920 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in XPeng in the third quarter valued at $45,000. Blue Trust Inc. lifted its position in XPeng by 2,615.9% during the second quarter. Blue Trust Inc. now owns 9,750 shares of the company’s stock worth $75,000 after buying an additional 9,391 shares during the period. 180 Wealth Advisors LLC purchased a new position in XPeng during the second quarter worth about $78,000. Finally, Venturi Wealth Management LLC acquired a new stake in XPeng in the 3rd quarter worth about $110,000. Hedge funds and other institutional investors own 23.05% of the company’s stock.

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.