XPeng (NYSE:XPEV) Shares Gap Up to $7.01

XPeng Inc. (NYSE:XPEV)’s share price gapped up prior to trading on Monday . The stock had previously closed at $7.01, but opened at $7.39. XPeng shares last traded at $7.45, with a volume of 5,610,566 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on XPEV. Daiwa Capital Markets raised XPeng from a “neutral” rating to a “buy” rating and set a $11.00 price objective for the company in a report on Thursday, May 23rd. Bank of America decreased their target price on XPeng from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Citigroup lowered their target price on shares of XPeng from $8.30 to $7.60 and set a “neutral” rating for the company in a research note on Wednesday, August 21st. JPMorgan Chase & Co. decreased their price target on shares of XPeng from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Wednesday, August 21st. Finally, Daiwa America upgraded shares of XPeng to a “strong-buy” rating in a report on Thursday, May 23rd. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, XPeng has a consensus rating of “Moderate Buy” and an average target price of $11.50.

XPeng Stock Up 7.4 %

The stock’s fifty day simple moving average is $7.72 and its 200-day simple moving average is $8.17. The stock has a market cap of $7.09 billion, a P/E ratio of -5.16 and a beta of 2.76. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.32 and a current ratio of 1.50.

Hedge Funds Weigh In On XPeng

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. raised its position in shares of XPeng by 9,123.0% in the 4th quarter. Russell Investments Group Ltd. now owns 815,131 shares of the company’s stock valued at $11,893,000 after buying an additional 806,293 shares in the last quarter. Sei Investments Co. grew its position in XPeng by 83.0% in the first quarter. Sei Investments Co. now owns 129,400 shares of the company’s stock valued at $994,000 after acquiring an additional 58,700 shares during the last quarter. Norges Bank acquired a new position in XPeng during the fourth quarter worth about $41,993,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of XPeng by 35.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 978,588 shares of the company’s stock valued at $7,516,000 after purchasing an additional 257,300 shares during the last quarter. Finally, Electron Capital Partners LLC acquired a new position in XPeng during the 4th quarter worth approximately $26,047,000. 23.05% of the stock is owned by institutional investors and hedge funds.

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.