XPeng (NYSE:XPEV) Shares Gap Up - Here's What Happened

XPeng Inc. (NYSE:XPEV - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $11.13, but opened at $11.58. XPeng shares last traded at $11.94, with a volume of 2,995,710 shares traded.

Analyst Ratings Changes

A number of research firms have weighed in on XPEV. Bank of America reduced their price objective on shares of XPeng from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Wednesday, August 21st. Citigroup reduced their price target on shares of XPeng from $8.30 to $7.60 and set a "neutral" rating for the company in a research report on Wednesday, August 21st. Macquarie raised XPeng from a "neutral" rating to an "outperform" rating in a research report on Friday, August 30th. Finally, JPMorgan Chase & Co. raised 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. One investment 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 stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $9.42.

XPeng Stock Performance

The firm has a market cap of $11.42 billion, a P/E ratio of -10.11 and a beta of 2.79. 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 business's 50-day simple moving average is $9.93 and its 200 day simple moving average is $8.61.

XPeng (NYSE:XPEV - Get Free Report) last released its quarterly earnings results on Tuesday, August 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. The firm had revenue of $1.12 billion during the quarter. XPeng had a negative return on equity of 23.38% and a negative net margin of 21.64%. As a group, equities analysts predict that XPeng Inc. will post -0.96 earnings per share for the current year.

Hedge Funds Weigh In On XPeng

Institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp increased its holdings in XPeng by 17.6% during the first quarter. Van ECK Associates Corp now owns 232,428 shares of the company's stock valued at $1,785,000 after buying an additional 34,788 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in XPeng by 35.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 978,588 shares of the company's stock worth $7,516,000 after purchasing an additional 257,300 shares during the period. Capstone Investment Advisors LLC lifted its position in XPeng by 399.0% during the first quarter. Capstone Investment Advisors LLC now owns 123,271 shares of the company's stock valued at $947,000 after purchasing an additional 98,569 shares in the last quarter. SG Americas Securities LLC grew its holdings in XPeng by 292.7% during the first quarter. SG Americas Securities LLC now owns 265,106 shares of the company's stock valued at $2,036,000 after purchasing an additional 197,601 shares during the period. Finally, OPTIMAS CAPITAL Ltd increased its position in XPeng by 18.3% in the first quarter. OPTIMAS CAPITAL Ltd now owns 82,776 shares of the company's stock worth $636,000 after buying an additional 12,776 shares in the last quarter. Institutional investors own 23.05% 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.