XPeng Inc. (NYSE:XPEV – Get Free Report)’s share price dropped 3.6% on Friday . The company traded as low as $12.29 and last traded at $12.35. Approximately 1,397,065 shares changed hands during trading, a decline of 90% from the average daily volume of 13,557,773 shares. The stock had previously closed at $12.81.
Wall Street Analysts Forecast Growth
XPEV has been the topic of a number of recent research reports. Bank of America cut their price objective on XPeng from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, August 21st. JPMorgan Chase & Co. raised 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. Macquarie raised XPeng from a “neutral” rating to an “outperform” rating in a report on Friday, August 30th. Sanford C. Bernstein increased their target price on XPeng from $9.00 to $14.00 and gave the company a “market perform” rating in a report on Wednesday, November 20th. Finally, Citigroup dropped their target price on XPeng from $14.60 to $13.70 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, XPeng has a consensus rating of “Moderate Buy” and a consensus price target of $11.69.
Check Out Our Latest Analysis on XPeng
XPeng Stock Down 4.0 %
Hedge Funds Weigh In On XPeng
Large investors have recently bought and sold shares of the stock. Bank of Montreal Can boosted its stake in shares of XPeng by 212.1% during the second 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 during the period. Point72 Hong Kong Ltd acquired a new stake in shares of XPeng during the third quarter worth about $22,047,000. Primecap Management Co. CA boosted its stake in shares of 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 buying an additional 872,160 shares during the period. Point72 Europe London LLP acquired a new stake in shares of XPeng during the second quarter worth about $5,923,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of XPeng during the third quarter worth about $6,233,000. Institutional investors and hedge funds own 21.09% of the company’s stock.
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.
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