XPeng (NYSE:XPEV) Trading 4.1% Higher – Here’s What Happened

XPeng Inc. (NYSE:XPEV)’s share price shot up 4.1% during mid-day trading on Thursday . The company traded as high as $13.62 and last traded at $13.51. 1,752,792 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 13,342,869 shares. The stock had previously closed at $12.98.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on XPEV shares. 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. 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 research report on Wednesday, November 20th. The Goldman Sachs Group downgraded XPeng from a “buy” rating to a “neutral” rating and set a $12.50 price objective on the stock. in a research report on Thursday, November 21st. China Renaissance raised shares of XPeng from a “hold” rating to a “buy” rating and set a $16.70 price objective on the stock in a research report on Friday, November 22nd. Finally, Macquarie raised XPeng from a “neutral” rating to an “outperform” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, XPeng has an average rating of “Moderate Buy” and a consensus target price of $11.69.

XPeng Stock Performance

The company has a market cap of $12.67 billion, a P/E ratio of -15.46 and a beta of 2.76. The company has a quick ratio of 1.18, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. The company has a 50 day moving average price of $12.36 and a 200-day moving average price of $9.98.

Hedge Funds Weigh In On XPeng

Institutional investors and hedge funds have recently modified their holdings of the stock. Y Intercept Hong Kong Ltd bought a new position in shares of XPeng during the 3rd quarter worth approximately $6,233,000. FMR LLC raised its holdings in XPeng by 1,053.8% during the 3rd quarter. FMR LLC now owns 323,581 shares of the company’s stock worth $3,941,000 after purchasing an additional 295,536 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of XPeng in the 2nd quarter valued at about $1,006,000. Point72 Hong Kong Ltd acquired a new position in XPeng in the third quarter valued at approximately $22,047,000. Finally, Central Asset Investments & Management Holdings HK Ltd boosted its position in shares of XPeng by 36.0% in the 3rd quarter. Central Asset Investments & Management Holdings HK Ltd now owns 408,000 shares of the company’s stock worth $4,969,000 after purchasing an additional 108,000 shares during the last quarter. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

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.