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

Shares of XPeng Inc. (NYSE:XPEV) gapped down prior to trading on Thursday . The stock had previously closed at $11.82, but opened at $11.57. XPeng shares last traded at $11.46, with a volume of 5,009,034 shares changing hands.

Analyst Ratings Changes

Several brokerages recently commented on XPEV. JPMorgan Chase & Co. upgraded shares of XPeng from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $8.00 to $11.50 in a report on Thursday, September 5th. Citigroup dropped their price objective on XPeng from $14.60 to $13.70 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. The Goldman Sachs Group downgraded XPeng from a “buy” rating to a “neutral” rating and set a $12.50 target price for the company. 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 target on the stock in a research report on Friday, November 22nd. Finally, Sanford C. Bernstein increased their price objective on XPeng from $9.00 to $14.00 and gave the company a “market perform” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $11.69.

XPeng Price Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.18. The firm has a market capitalization of $10.99 billion, a P/E ratio of -13.41 and a beta of 2.76. The company’s 50 day moving average price is $12.50 and its 200 day moving average price is $10.14.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in XPEV. Primecap Management Co. CA boosted its stake in XPeng by 5.6% during the 2nd quarter. Primecap Management Co. CA now owns 16,421,385 shares of the company’s stock worth $120,369,000 after acquiring an additional 872,160 shares during the last quarter. Bank of Montreal Can boosted its position 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 purchasing an additional 2,724,549 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of XPeng in the 3rd quarter valued at $22,047,000. Point72 Europe London LLP acquired a new stake in XPeng during the 2nd quarter worth $5,923,000. Finally, Y Intercept Hong Kong Ltd bought a new position in 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.