XPeng (NYSE:XPEV) Shares Gap Up After Strong Earnings

Shares of XPeng Inc. (NYSE:XPEV) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $19.69, but opened at $21.13. XPeng shares last traded at $22.36, with a volume of 9,708,200 shares traded.

The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $16.11 billion.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their price target on XPeng from $35.00 to $31.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 19th. Daiwa Capital Markets reissued a “neutral” rating and issued a $24.00 target price on shares of XPeng in a report on Wednesday, March 19th. Citigroup raised XPeng from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $13.70 to $29.00 in a report on Monday, March 10th. Macquarie raised XPeng from a “neutral” rating to an “outperform” rating in a report on Wednesday. Finally, Nomura Securities raised XPeng to a “strong-buy” rating in a report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, XPeng presently has a consensus rating of “Moderate Buy” and an average price target of $22.20.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Farther Finance Advisors LLC lifted its holdings in shares of XPeng by 70.1% during the first quarter. Farther Finance Advisors LLC now owns 1,291 shares of the company’s stock valued at $27,000 after purchasing an additional 532 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of XPeng by 55.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,508 shares of the company’s stock valued at $30,000 after purchasing an additional 898 shares in the last quarter. Atlas Capital Advisors Inc. lifted its holdings in shares of XPeng by 651.0% during the first quarter. Atlas Capital Advisors Inc. now owns 1,502 shares of the company’s stock valued at $31,000 after purchasing an additional 1,302 shares in the last quarter. Avior Wealth Management LLC lifted its holdings in shares of XPeng by 1,215.2% during the fourth quarter. Avior Wealth Management LLC now owns 2,775 shares of the company’s stock valued at $33,000 after purchasing an additional 2,564 shares in the last quarter. Finally, Garde Capital Inc. purchased a new stake in XPeng during the first quarter valued at $39,000. 21.09% of the stock is owned by institutional investors.

XPeng Stock Performance

The company has a market cap of $21.13 billion, a PE ratio of -25.59 and a beta of 2.64. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.18. The business has a 50-day moving average of $19.98 and a 200 day moving average of $16.76.

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.