XPeng (NYSE:XPEV) Shares Down 5.8% After Analyst Downgrade

XPeng Inc. (NYSE:XPEV) shares dropped 5.8% during mid-day trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $35.00 to $31.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. XPeng traded as low as $22.22 and last traded at $22.43. Approximately 3,189,841 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 13,290,787 shares. The stock had previously closed at $23.80.

A number of other research firms have also recently issued reports on XPEV. Macquarie reaffirmed a “neutral” rating and issued a $18.00 price objective on shares of XPeng in a research report on Friday, February 7th. China Renaissance raised XPeng from a “hold” rating to a “buy” rating and set a $16.70 price objective for the company in a research report on Friday, November 22nd. Bank of America lifted their price target on XPeng from $18.60 to $27.00 and gave the stock a “buy” rating in a report on Wednesday. Daiwa Capital Markets reissued a “neutral” rating and set a $24.00 price target on shares of XPeng in a report on Wednesday. Finally, UBS Group raised XPeng from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $8.80 to $18.00 in a report on Monday, February 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.84.

Institutional Trading of XPeng

Several large investors have recently modified their holdings of XPEV. Advisors Asset Management Inc. boosted its stake in XPeng by 48.9% in the third quarter. Advisors Asset Management Inc. now owns 49,624 shares of the company’s stock valued at $604,000 after buying an additional 16,289 shares in the last quarter. Citigroup Inc. boosted its stake in shares of XPeng by 14.2% during the third 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 in the last quarter. FMR LLC boosted its stake in shares of XPeng by 1,053.8% during the third 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 in the last quarter. Flow Traders U.S. LLC acquired a new stake in shares of XPeng during the third quarter valued at about $360,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of XPeng during the third quarter valued at about $22,047,000. 21.09% of the stock is owned by institutional investors and hedge funds.

XPeng Stock Down 7.3 %

The stock has a 50 day moving average price of $18.10 and a 200 day moving average price of $13.92. The stock has a market capitalization of $20.79 billion, a price-to-earnings ratio of -25.36 and a beta of 2.68. The company has a quick ratio of 1.18, a current ratio of 1.37 and a debt-to-equity ratio of 0.22.

XPeng (NYSE:XPEV) last issued its quarterly earnings data on Tuesday, March 18th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.36) by $1.17. XPeng had a negative return on equity of 16.92% and a negative net margin of 15.35%. The company had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $16.11 billion. As a group, analysts forecast that XPeng Inc. will post -0.96 EPS for the current year.

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.