XPeng (NYSE:XPEV) Shares Gap Up on Better-Than-Expected Earnings

Shares of XPeng Inc. (NYSE:XPEV) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. 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.

The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 16.92% and a negative net margin of 15.35%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on XPEV shares. Daiwa Capital Markets reiterated a “neutral” rating and set a $24.00 price objective on shares of XPeng in a research report on Wednesday. The Goldman Sachs Group lowered XPeng from a “buy” rating to a “neutral” rating and set a $12.50 price target on the stock. in a research note on Thursday, November 21st. Nomura raised XPeng from a “neutral” rating to a “buy” rating and raised their price target for the stock from $14.00 to $30.00 in a research note on Wednesday. China Renaissance raised XPeng from a “hold” rating to a “buy” rating and set a $16.70 price objective on the stock in a research note on Friday, November 22nd. Finally, Bank of America lifted their price objective on XPeng from $18.60 to $27.00 and gave the company a “buy” rating in a research note on Wednesday. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, XPeng presently has a consensus rating of “Moderate Buy” and an average target price of $20.07.

Institutional Investors Weigh In On XPeng

A number of institutional investors have recently made changes to their positions in XPEV. Advisors Asset Management Inc. boosted its position in XPeng by 48.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 49,624 shares of the company’s stock valued at $604,000 after purchasing an additional 16,289 shares during the period. Citigroup Inc. boosted its position in XPeng by 14.2% during the 3rd quarter. Citigroup Inc. now owns 293,321 shares of the company’s stock valued at $3,573,000 after purchasing an additional 36,560 shares during the period. FMR LLC boosted its position in XPeng by 1,053.8% during the 3rd quarter. FMR LLC now owns 323,581 shares of the company’s stock valued at $3,941,000 after purchasing an additional 295,536 shares during the period. Flow Traders U.S. LLC acquired a new position in XPeng during the 3rd quarter valued at approximately $360,000. Finally, Point72 Hong Kong Ltd acquired a new position in XPeng during the 3rd quarter valued at approximately $22,047,000. 21.09% of the stock is currently owned by institutional investors.

XPeng Stock Up 3.1 %

The company has a current ratio of 1.37, a quick ratio of 1.18 and a debt-to-equity ratio of 0.22. The stock has a 50-day moving average of $17.67 and a 200-day moving average of $13.79. The firm has a market cap of $21.99 billion, a price-to-earnings ratio of -26.90 and a beta of 2.68.

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.