XPeng (NYSE:XPEV) Stock Price Down 5.8% on Analyst Downgrade

XPeng Inc. (NYSE:XPEV) shares traded down 5.8% 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. 3,189,841 shares were traded during mid-day trading, a decline of 76% from the average session volume of 13,290,787 shares. The stock had previously closed at $23.80.

Several other equities research analysts have also recently commented on XPEV. Bank of America boosted their price objective on shares of XPeng from $18.60 to $27.00 and gave the company a “buy” rating in a research report on Wednesday. Sanford C. Bernstein boosted their price target on XPeng from $9.00 to $14.00 and gave the company a “market perform” rating in a report on Wednesday, November 20th. UBS Group upgraded XPeng from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $8.80 to $18.00 in a report on Monday, February 24th. Macquarie restated a “neutral” rating and issued a $18.00 target price on shares of XPeng in a research note on Friday, February 7th. Finally, The Goldman Sachs Group cut shares of XPeng from a “buy” rating to a “neutral” rating and set a $12.50 price target for the company. in a research note on Thursday, November 21st. Five investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.02.

Institutional Investors Weigh In On XPeng

A number of institutional investors have recently made changes to their positions in the company. Alibaba Group Holding Ltd lifted its holdings in XPeng by 21.2% during the 4th quarter. Alibaba Group Holding Ltd now owns 37,959,232 shares of the company’s stock worth $448,678,000 after purchasing an additional 6,650,000 shares during the last quarter. TMT General Partner Ltd bought a new position in XPeng during the 4th quarter worth $205,501,000. JPMorgan Chase & Co. lifted its holdings in shares of XPeng by 1,138.1% during the fourth quarter. JPMorgan Chase & Co. now owns 4,598,454 shares of the company’s stock worth $54,354,000 after buying an additional 4,227,055 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of XPeng in the third quarter valued at about $22,047,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of XPeng by 947.5% in the fourth quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,759,750 shares of the company’s stock valued at $20,800,000 after acquiring an additional 1,591,750 shares in the last quarter. Institutional investors own 21.09% of the company’s stock.

XPeng Price Performance

The company has a quick ratio of 1.18, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. The company’s 50 day moving average is $17.90 and its 200 day moving average is $13.86. The firm has a market capitalization of $20.84 billion, a price-to-earnings ratio of -25.30 and a beta of 2.68.

XPeng (NYSE:XPEV) last announced its earnings results 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 net margin of 15.35% and a negative return on equity of 16.92%. The firm had revenue of $2.21 billion for the quarter, compared to analyst estimates of $16.11 billion. On average, equities research analysts anticipate that XPeng Inc. will post -0.96 earnings per share for the current fiscal 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.