XPeng (NYSE:XPEV) Shares Gap Up on Earnings Beat

Shares of XPeng Inc. (NYSE:XPEV - Get Free Report) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $22.64, but opened at $23.27. XPeng shares last traded at $23.46, with a volume of 1,729,431 shares trading hands.

The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($1.36) by $1.17. The firm had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $16.11 billion. XPeng had a negative net margin of 15.35% and a negative return on equity of 16.92%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on XPEV. JPMorgan Chase & Co. decreased their price objective on XPeng from $35.00 to $31.00 and set an "overweight" rating for the company in a report on Wednesday. Macquarie reissued a "neutral" rating and issued a $18.00 price objective on shares of XPeng in a report on Friday, February 7th. Citigroup raised XPeng from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $13.70 to $29.00 in a report on Monday, March 10th. Barclays increased their price objective on XPeng from $7.00 to $20.00 and gave the stock an "underweight" rating in a report on Thursday. Finally, Bank of America increased their price objective on XPeng from $18.60 to $27.00 and gave the stock a "buy" rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, XPeng has a consensus rating of "Hold" and a consensus target price of $21.84.

Remove Ads

Hedge Funds Weigh In On XPeng

Several institutional investors have recently bought and sold shares of XPEV. EverSource Wealth Advisors LLC grew its position in shares of XPeng by 55.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,508 shares of the company's stock valued at $30,000 after purchasing an additional 898 shares during the last quarter. Avior Wealth Management LLC grew its position in shares of XPeng by 1,215.2% in the fourth quarter. Avior Wealth Management LLC now owns 2,775 shares of the company's stock valued at $33,000 after purchasing an additional 2,564 shares during the last quarter. Lindbrook Capital LLC grew its position in shares of XPeng by 50.7% in the fourth quarter. Lindbrook Capital LLC now owns 3,382 shares of the company's stock valued at $40,000 after purchasing an additional 1,138 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of XPeng in the fourth quarter valued at about $41,000. Finally, Natixis acquired a new stake in shares of XPeng in the fourth quarter valued at about $43,000. 21.09% of the stock is currently owned by institutional investors.

XPeng Trading Down 1.2 %

The company has a market capitalization of $20.54 billion, a price-to-earnings ratio of -25.06 and a beta of 2.68. The company has a 50-day moving average price of $18.29 and a 200-day moving average price of $14.09. The company has a quick ratio of 1.18, a current ratio of 1.37 and a debt-to-equity ratio of 0.22.

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.