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

XPeng Inc. (NYSE:XPEV - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $14.13, but opened at $14.92. XPeng shares last traded at $14.79, with a volume of 3,369,079 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Citigroup lowered their price target on XPeng from $14.60 to $13.70 and set a "neutral" rating on the stock in a research report on Wednesday, November 20th. China Renaissance raised shares of XPeng from a "hold" rating to a "buy" rating and set a $16.70 price target on the stock in a research report on Friday, November 22nd. Sanford C. Bernstein lifted their price objective on shares of XPeng from $9.00 to $14.00 and gave the company a "market perform" rating in a research report on Wednesday, November 20th. The Goldman Sachs Group cut shares of XPeng from a "buy" rating to a "neutral" rating and set a $12.50 target price on the stock. in a report on Thursday, November 21st. Finally, UBS Group reiterated a "sell" rating and issued a $8.80 target price (up from $8.20) on shares of XPeng in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $11.69.

XPeng Stock Performance

The stock has a market capitalization of $14.13 billion, a P/E ratio of -17.24 and a beta of 2.74. The company's fifty day simple moving average is $12.58 and its two-hundred day simple moving average is $10.61. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.18 and a current ratio of 1.37.

Institutional Investors Weigh In On XPeng

Institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC acquired a new stake in XPeng in the 2nd quarter worth about $1,006,000. Sei Investments Co. increased its holdings in shares of XPeng by 15.7% during the second quarter. Sei Investments Co. now owns 149,710 shares of the company's stock worth $1,097,000 after purchasing an additional 20,310 shares during the period. DRW Securities LLC raised its position in shares of XPeng by 135.1% in the second quarter. DRW Securities LLC now owns 82,524 shares of the company's stock valued at $604,000 after buying an additional 47,423 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of XPeng by 212.1% in the second quarter. Bank of Montreal Can now owns 4,008,846 shares of the company's stock valued at $31,910,000 after buying an additional 2,724,549 shares during the period. Finally, Point72 Europe London LLP acquired a new stake in XPeng during the second quarter worth approximately $5,923,000. Institutional investors own 21.09% 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.