XPeng (NYSE:XPEV) Shares Gap Down - Here's Why

Shares of XPeng Inc. (NYSE:XPEV - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $13.34, but opened at $12.81. XPeng shares last traded at $12.84, with a volume of 2,999,724 shares.

Analyst Ratings Changes

A number of brokerages have recently weighed in on XPEV. Citigroup cut their price objective on XPeng from $8.30 to $7.60 and set a "neutral" rating for the company in a research report on Wednesday, August 21st. Macquarie upgraded XPeng from a "neutral" rating to an "outperform" rating in a report on Friday, August 30th. JPMorgan Chase & Co. raised XPeng from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $8.00 to $11.50 in a report on Thursday, September 5th. Finally, Bank of America cut their target price on shares of XPeng from $11.00 to $10.00 and set a "buy" rating for the company in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $9.42.

XPeng Stock Performance

The firm has a market capitalization of $11.68 billion, a PE ratio of -8.38 and a beta of 2.78. The business has a 50-day simple moving average of $8.57 and a 200-day simple moving average of $8.24. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.50 and a quick ratio of 1.31.

XPeng (NYSE:XPEV - Get Free Report) last released its quarterly earnings results on Tuesday, August 20th. The company reported ($0.19) earnings per share for the quarter. The company had revenue of $1.12 billion for the quarter. XPeng had a negative net margin of 21.64% and a negative return on equity of 23.38%. Equities research analysts expect that XPeng Inc. will post -0.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On XPeng

Several institutional investors have recently made changes to their positions in the company. Bank of Montreal Can raised its position in XPeng by 212.1% in the 2nd 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 during the period. Electron Capital Partners LLC bought a new position in shares of XPeng during the fourth quarter valued at approximately $26,047,000. Primecap Management Co. CA raised its holdings in shares of XPeng by 5.6% in 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 bought a new stake in shares of XPeng during the 2nd quarter worth approximately $5,923,000. Finally, Ghisallo Capital Management LLC purchased a new position in XPeng during the 4th quarter valued at $9,537,000. Institutional investors own 23.05% of the company's stock.

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.