XPeng (NYSE:XPEV) Shares Up 5.8%

XPeng Inc. (NYSE:XPEV) shot up 5.8% during trading on Tuesday . The company traded as high as $8.69 and last traded at $8.52. 6,723,029 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 13,002,050 shares. The stock had previously closed at $8.05.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. JPMorgan Chase & Co. raised XPeng from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $8.00 to $11.50 in a research note on Thursday. Daiwa Capital Markets upgraded XPeng from a “neutral” rating to a “buy” rating and set a $11.00 target price for the company in a report on Thursday, May 23rd. Bank of America dropped their target price on XPeng from $11.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. Macquarie upgraded XPeng from a “neutral” rating to an “outperform” rating in a report on Friday, August 30th. Finally, Citigroup decreased their target price on XPeng from $8.30 to $7.60 and set a “neutral” rating for the company in a research report on Wednesday, August 21st. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $12.08.

XPeng Price Performance

The company has a 50-day moving average of $7.76 and a 200-day moving average of $8.12. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.31 and a current ratio of 1.50. The stock has a market capitalization of $8.32 billion, a price-to-earnings ratio of -5.70 and a beta of 2.75.

Hedge Funds Weigh In On XPeng

A number of institutional investors and hedge funds have recently added to or reduced their stakes in XPEV. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of XPeng by 25.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,550 shares of the company’s stock valued at $154,000 after purchasing an additional 2,151 shares during the period. Jump Financial LLC purchased a new stake in shares of XPeng in the fourth quarter worth approximately $326,000. Norges Bank purchased a new stake in XPeng in the 4th quarter worth approximately $41,993,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in XPeng during the fourth quarter valued at approximately $527,000. Finally, Primecap Management Co. CA raised its holdings in shares of XPeng by 5.3% during the 4th quarter. Primecap Management Co. CA now owns 12,497,823 shares of the company’s stock valued at $182,343,000 after purchasing an additional 624,926 shares in the last quarter. 23.05% of the stock is 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.