JPMorgan Chase & Co. Issues Positive Forecast for XP (NASDAQ:XP) Stock Price

XP (NASDAQ:XP) had its target price boosted by equities research analysts at JPMorgan Chase & Co. from $26.00 to $38.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 29.98% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Itau BBA Securities upgraded XP from a “market perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a report on Monday, August 31st. Weiss Ratings raised shares of XP from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, September 2nd. Finally, Citigroup upped their price target on shares of XP from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, September 29th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $26.40.

XP Trading Up 3.9%

NASDAQ:XP traded up $1.09 during mid-day trading on Tuesday, hitting $29.24. 15,801,497 shares of the stock traded hands, compared to its average volume of 6,419,600. The company has a quick ratio of 4.80, a current ratio of 4.80 and a debt-to-equity ratio of 0.07. XP has a 52 week low of $14.80 and a 52 week high of $29.60. The stock has a market capitalization of $15.71 billion, a price-to-earnings ratio of 15.36, a PEG ratio of 0.57 and a beta of 1.01. The firm’s 50 day moving average is $18.60 and its two-hundred day moving average is $17.96.

XP (NASDAQ:XP) last announced its earnings results on Monday, August 17th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.03. The business had revenue of $943.55 million during the quarter, compared to analyst estimates of $935.15 million. XP had a return on equity of 22.19% and a net margin of 27.20%.The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.46 earnings per share. On average, equities research analysts predict that XP will post 2.09 earnings per share for the current year.

Insider Buying and Selling at XP

In other news, Director Bruno Constantino Alexandre dos Santos sold 123,257 shares of the stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $19.58, for a total transaction of $2,413,372.06. Following the transaction, the director owned 1,500,000 shares of the company’s stock, valued at approximately $29,370,000. This represents a 7.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Trading of XP

A number of hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC raised its holdings in shares of XP by 46.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,471 shares of the company’s stock valued at $47,000 after purchasing an additional 781 shares in the last quarter. Parallel Advisors LLC increased its holdings in XP by 117.3% during the first quarter. Parallel Advisors LLC now owns 3,288 shares of the company’s stock valued at $63,000 after buying an additional 1,775 shares during the period. Integrated Wealth Concepts LLC purchased a new position in XP during the second quarter valued at approximately $91,000. Strategic Investment Advisors MI bought a new position in XP in the first quarter worth approximately $126,000. Finally, 9823 Capital L.P. purchased a new stake in XP during the fourth quarter worth $183,000. 59.15% of the stock is owned by hedge funds and other institutional investors.

About XP

XP Inc is a Brazil-based financial services platform that provides investment, banking and related financial products to individuals, businesses and institutional clients. Through its digital platforms and network of financial professionals, the company offers access to investments such as stocks, bonds, mutual funds, exchange-traded funds, real estate funds, retirement products and insurance.

The company operates a portfolio of brands that includes XP, Rico and Clear, serving customers with different investment needs and levels of experience.