XPeng (NYSE:XPEV) Shares Down 6.8%

XPeng Inc. (NYSE:XPEV - Get Free Report)'s stock price fell 6.8% during mid-day trading on Thursday . The company traded as low as $8.52 and last traded at $8.52. 2,089,202 shares traded hands during trading, a decline of 84% from the average session volume of 12,924,422 shares. The stock had previously closed at $9.14.

Analyst Ratings Changes

A number of research firms recently issued reports on XPEV. Daiwa America upgraded XPeng to a "strong-buy" rating in a research note on Thursday, May 23rd. JPMorgan Chase & Co. upgraded XPeng from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $8.00 to $11.50 in a research note on Thursday, September 5th. Daiwa Capital Markets upgraded XPeng from a "neutral" rating to a "buy" rating and set a $11.00 price objective on the stock in a research note on Thursday, May 23rd. Bank of America decreased their price objective on XPeng from $11.00 to $10.00 and set a "buy" rating on the stock in a research note on Wednesday, August 21st. Finally, Citigroup decreased their price objective on XPeng from $8.30 to $7.60 and set a "neutral" rating on the stock in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $12.08.

XPeng Trading Down 5.7 %

The company has a market capitalization of $8.12 billion, a PE ratio of -5.82 and a beta of 2.75. The company has a current ratio of 1.50, a quick ratio of 1.31 and a debt-to-equity ratio of 0.18. The stock has a fifty day moving average of $7.86 and a two-hundred day moving average of $8.11.

Hedge Funds Weigh In On XPeng

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Primecap Management Co. CA grew its position 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 grew its position in shares of 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 buying an additional 2,724,549 shares during the last quarter. Norges Bank bought a new stake in shares of XPeng in the 4th quarter worth approximately $41,993,000. Robeco Schweiz AG grew its position in shares of XPeng by 3.8% in the 4th quarter. Robeco Schweiz AG now owns 2,336,330 shares of the company's stock worth $34,087,000 after buying an additional 85,000 shares during the last quarter. Finally, Electron Capital Partners LLC bought a new stake in shares of XPeng in the 4th quarter worth approximately $26,047,000. 23.05% of the stock is currently owned by 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.