XPeng (NYSE:XPEV) Stock Price Down 4.5% – Here’s What Happened

XPeng Inc. (NYSE:XPEV)’s stock price traded down 4.5% during mid-day trading on Friday . The stock traded as low as $11.55 and last traded at $11.74. 3,043,623 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 13,687,539 shares. The stock had previously closed at $12.29.

Wall Street Analyst Weigh In

XPEV has been the topic of a number of research analyst reports. China Renaissance raised XPeng from a “hold” rating to a “buy” rating and set a $16.70 price target on the stock in a report on Friday. Sanford C. Bernstein raised their target price on shares of XPeng from $9.00 to $14.00 and gave the company a “market perform” rating in a research note on Wednesday. Citigroup reduced their price target on shares of XPeng from $14.60 to $13.70 and set a “neutral” rating for the company in a research note on Wednesday. Macquarie upgraded shares of XPeng from a “neutral” rating to an “outperform” rating in a research note on Friday, August 30th. Finally, Bank of America dropped their target price on XPeng from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, August 21st. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, XPeng has an average rating of “Moderate Buy” and a consensus price target of $12.05.

XPeng Price Performance

The firm has a market capitalization of $11.22 billion, a P/E ratio of -13.69 and a beta of 2.80. The business’s fifty day moving average is $11.81 and its 200 day moving average is $9.29. The company has a current ratio of 1.37, a quick ratio of 1.31 and a debt-to-equity ratio of 0.22.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Primecap Management Co. CA raised its position in shares of XPeng by 5.6% during the second quarter. Primecap Management Co. CA now owns 16,421,385 shares of the company’s stock worth $120,369,000 after purchasing an additional 872,160 shares during the period. Bank of Montreal Can lifted its stake in XPeng by 212.1% during the second quarter. Bank of Montreal Can now owns 4,008,846 shares of the company’s stock valued at $31,910,000 after buying an additional 2,724,549 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of XPeng in the third quarter worth about $22,047,000. DekaBank Deutsche Girozentrale increased its position in shares of XPeng by 100.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 1,100,000 shares of the company’s stock worth $8,864,000 after acquiring an additional 550,000 shares in the last quarter. Finally, Point72 Europe London LLP acquired a new stake in shares of XPeng during the second quarter valued at approximately $5,923,000. Institutional investors own 23.05% of the company’s stock.

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.