Bank of America Corp DE Purchases 5,335,450 Shares of XPeng Inc. (NYSE:XPEV)

Posted by on Jun 6th, 2023

Bank of America Corp DE raised its position in shares of XPeng Inc. (NYSE:XPEV – Get Rating) by 612.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,207,232 shares of the company’s stock after acquiring an additional 5,335,450 shares during the period. Bank of America Corp DE owned approximately 0.73% of XPeng worth $61,700,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of XPEV. Exchange Traded Concepts LLC purchased a new stake in shares of XPeng during the fourth quarter valued at $32,000. New York State Common Retirement Fund lifted its stake in XPeng by 180.6% in the third quarter. New York State Common Retirement Fund now owns 2,952 shares of the company’s stock worth $35,000 after acquiring an additional 1,900 shares during the period. Signaturefd LLC lifted its stake in XPeng by 78.9% in the third quarter. Signaturefd LLC now owns 3,303 shares of the company’s stock worth $39,000 after acquiring an additional 1,457 shares during the period. Quadrant Capital Group LLC lifted its stake in XPeng by 150.2% in the third quarter. Quadrant Capital Group LLC now owns 3,743 shares of the company’s stock worth $45,000 after acquiring an additional 2,247 shares during the period. Finally, Captrust Financial Advisors lifted its stake in XPeng by 50.0% in the first quarter. Captrust Financial Advisors now owns 2,400 shares of the company’s stock worth $66,000 after acquiring an additional 800 shares during the period. Institutional investors own 24.87% of the company’s stock.

XPeng Stock Performance

XPEV opened at $8.45 on Tuesday. XPeng Inc. has a 52-week low of $6.18 and a 52-week high of $35.35. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.68. The firm’s 50-day moving average price is $9.69 and its 200-day moving average price is $9.64.

XPeng (NYSE:XPEV – Get Rating) last posted its quarterly earnings data on Friday, March 17th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.01). XPeng had a negative net margin of 41.74% and a negative return on equity of 25.80%. The company had revenue of $745.28 million for the quarter. Analysts predict that XPeng Inc. will post -1.17 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on XPEV. Macquarie lowered shares of XPeng from a “neutral” rating to an “underperform” rating in a research note on Monday, February 13th. Barclays lowered shares of XPeng from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $8.00 to $6.00 in a research note on Thursday, May 25th. Citigroup lowered their price objective on shares of XPeng from $8.92 to $7.21 in a research note on Friday, March 17th. Bank of America reduced their target price on shares of XPeng from $11.00 to $9.80 in a report on Thursday, May 25th. Finally, Sanford C. Bernstein downgraded shares of XPeng from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $16.00 to $12.00 in a report on Friday, March 24th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, XPeng has an average rating of “Hold” and an average target price of $15.05.

XPeng Company Profile

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XPeng Inc designs, develops, manufactures, and markets smart electric vehicles in the People's Republic of China. It offers SUVs under the G3 and G3i names; four-door sports sedans under the P7 name; and family sedans under the P5 name. The company also provides sales contracts, maintenance, super charging, vehicle leasing, insurance agency, ride-hailing, technical support, automotive loan referral and auto financing, music subscription, and other services.

See Also

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Institutional Ownership by Quarter for XPeng (NYSE:XPEV)

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