JPMorgan Chase & Co. Downgrades XPENG (NYSE:XPEV) to Neutral

XPENG (NYSE:XPEV) was downgraded by equities research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. They currently have a $11.50 target price on the stock, down from their previous target price of $24.00. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 21.50% from the stock’s previous close.

Several other brokerages have also issued reports on XPEV. Weiss Ratings lowered shares of XPENG from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, September 10th. Barclays cut their price objective on shares of XPENG from $15.00 to $14.00 and set an “underweight” rating on the stock in a report on Tuesday, August 25th. Finally, UBS Group began coverage on shares of XPENG in a report on Wednesday, September 9th. They set a “neutral” rating and a $12.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $22.09.

XPENG Trading Down 4.9%

XPEV opened at $9.46 on Tuesday. The stock has a market cap of $9.04 billion, a PE ratio of -19.72 and a beta of 1.11. The business has a 50 day moving average of $11.43 and a 200-day moving average of $14.29. XPENG has a 52 week low of $9.44 and a 52 week high of $28.24. The company has a quick ratio of 0.86, a current ratio of 1.11 and a debt-to-equity ratio of 0.50.

Hedge Funds Weigh In On XPENG

A number of hedge funds have recently bought and sold shares of XPEV. EverSource Wealth Advisors LLC increased its stake in XPENG by 45.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,906 shares of the company’s stock valued at $79,000 after purchasing an additional 1,212 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of XPENG in the second quarter worth approximately $81,000. TD Waterhouse Canada Inc. grew its holdings in shares of XPENG by 91.4% during the second quarter. TD Waterhouse Canada Inc. now owns 6,680 shares of the company’s stock valued at $91,000 after buying an additional 3,190 shares during the last quarter. QRG Capital Management Inc. purchased a new position in XPENG in the 2nd quarter worth approximately $187,000. Finally, Altar Rock LLC purchased a new position in XPENG in the 2nd quarter worth approximately $196,000. Institutional investors own 21.09% of the company’s stock.

About XPENG

XPENG Inc is a Chinese smart electric vehicle manufacturer headquartered in Guangzhou, China. Founded in 2014, the company develops, manufactures and sells battery-powered passenger vehicles, with a focus on integrating intelligent driving, connectivity and digital technologies into its products.

XPENG’s vehicle portfolio has included electric sedans, sport utility vehicles and multi-purpose vehicles such as the P7, P5, G6, G9 and X9. Its offerings incorporate advanced driver-assistance features, over-the-air software updates, voice-enabled vehicle controls and other smart-cabin technologies.