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

XPeng Inc. (NYSE:XPEV)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $12.50, but opened at $13.68. XPeng shares last traded at $14.59, with a volume of 8,717,312 shares traded.

Wall Street Analysts Forecast Growth

XPEV has been the subject of several research reports. The Goldman Sachs Group downgraded shares of XPeng from a “buy” rating to a “neutral” rating and set a $12.50 price target for the company. in a research report on Thursday, November 21st. Bank of America decreased their target price on shares of XPeng from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Sanford C. Bernstein upped their target price on shares of XPeng from $9.00 to $14.00 and gave the stock a “market perform” rating in a report on Wednesday, November 20th. Citigroup cut their price target on XPeng from $14.60 to $13.70 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. raised XPeng from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $8.00 to $11.50 in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, XPeng has a consensus rating of “Moderate Buy” and an average target price of $11.69.

XPeng Stock Performance

The stock has a market cap of $13.51 billion, a P/E ratio of -16.31 and a beta of 2.76. 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 company’s 50-day simple moving average is $12.24 and its 200 day simple moving average is $9.58.

Hedge Funds Weigh In On XPeng

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can increased its holdings in 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 last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of XPeng during the 3rd quarter worth approximately $22,047,000. Primecap Management Co. CA raised its holdings in shares of XPeng by 5.6% in the 2nd 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 during the period. Point72 Europe London LLP purchased a new position in XPeng in the second quarter valued at approximately $5,923,000. Finally, Y Intercept Hong Kong Ltd bought a new position in XPeng during the third quarter valued at $6,233,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

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.