XPeng (NYSE:XPEV) Shares Gap Down on Analyst Downgrade

XPeng Inc. (NYSE:XPEV)’s share price gapped down before the market opened on Thursday after The Goldman Sachs Group downgraded the stock from a buy rating to a neutral rating. The stock had previously closed at $12.64, but opened at $12.12. The Goldman Sachs Group now has a $12.50 price target on the stock. XPeng shares last traded at $12.15, with a volume of 1,959,963 shares traded.

A number of other equities analysts have also commented on the company. Bank of America dropped 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. Macquarie raised XPeng from a “neutral” rating to an “outperform” rating in a research note on Friday, August 30th. Sanford C. Bernstein upped their price objective on shares of XPeng from $9.00 to $14.00 and gave the stock a “market perform” rating in a research note on Wednesday. JPMorgan Chase & Co. upgraded XPeng from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $8.00 to $11.50 in a research report on Thursday, September 5th. Finally, Citigroup reduced their price target on shares of XPeng from $14.60 to $13.70 and set a “neutral” rating on the stock in a research report on Wednesday. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.39.

Hedge Funds Weigh In On XPeng

A number of large investors have recently made changes to their positions in XPEV. Allspring Global Investments Holdings LLC acquired a new position in shares of XPeng in the third quarter valued at about $45,000. Natixis bought a new stake in XPeng in the 1st quarter valued at about $38,000. Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of XPeng by 122.4% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 5,306 shares of the company’s stock worth $39,000 after purchasing an additional 2,920 shares during the period. Venturi Wealth Management LLC acquired a new stake in shares of XPeng in the third quarter valued at approximately $110,000. Finally, Blue Trust Inc. boosted its stake in shares of XPeng by 2,615.9% in the second quarter. Blue Trust Inc. now owns 9,750 shares of the company’s stock valued at $75,000 after buying an additional 9,391 shares during the period. Institutional investors own 23.05% of the company’s stock.

XPeng Stock Performance

The stock has a market cap of $11.44 billion, a P/E ratio of -14.53 and a beta of 2.80. 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 50 day simple moving average of $11.68 and a 200 day simple moving average of $9.24.

XPeng (NYSE:XPEV) last announced its quarterly earnings data on Tuesday, August 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. XPeng had a negative net margin of 15.35% and a negative return on equity of 16.63%. The firm had revenue of $1.12 billion during the quarter. On average, equities analysts expect that XPeng Inc. will post -1.01 earnings per share for the current year.

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.