XPeng, Inc. (NYSE:XPEV) shares are trading higher Wednesday. The company announced vehicle delivery figures for June and the first half of 2024 on Monday.
What To Know:
XPeng delivered 10,668 Smart EVs in June, representing a 24% increase year-over-year and up 5% over the prior month. The company delivered 52,028 Smart EVs in the first half year of 2024, a 26% increase from last year.
The company debuted the inaugural model in its Mona series, the M03, at an event Wednesday. XPeng more vehicle details will be unveiled at its official launch event in August.
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XPeng shares are moving higher Wednesday on heavy volume amid strength in Chinese markets and continued upward momentum following its EV deliveries report.
According to data from Benzinga Pro, XPeng's stock is trading above its 50-day moving average of $8.00, but well-below its 52-week high of $23.62.
Will XPEV Stock Go Up?
When trying to assess whether or not XPeng will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $7.65 on XPeng. The Street high target is currently at $8.30 and the Street low target is $7. Of all the analysts covering XPeng, no one has positive ratings, 2 have neutral ratings and no one has negative ratings.
In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering XPeng have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. XPeng is 43.31% down year-to-date. The average analyst price target suggests the stock could have further downside ahead.
For a broad overview of everything you need to know about XPeng, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
PEV Price Action: According to Benzinga Pro, XPeng shares are up 10.3% at $8.41 at the time of publication Wednesday.
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Image: Courtesy of XPeng, Inc.