XPeng ( NYSE: XPEV ) rallied 10.75% on a strong day overall for electric vehicle stocks. Volume on the day was over 26M shares as the Chinese EV stock put together its third winning session in a row.
The big gain came on a risk-on day for the market overall with growth stocks catching bids. Along with financial figures from NKE and FDX, investor attitudes were lifted on Wednesday by better-than-expected consumer confidence data.
Despite global macroeconomic headwinds, geopolitical risk, and some concerns on the COVID bounceback timeline for China- XPEV is still very well liked on Wall Street with 18 Buy-equivalent ratings stacking up against 4 Hold-equivalent ratings and 3 Sell-equivalent ratings.
Meanwhile, Seeking Alpha authors have a consensus Hold rating on XPEV, while the Seeking Alpha Quant Rating is flashing Sell due to low marks for profitability and momentum.
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Why did XPeng stock jump today? Investors are looking for oversold EV names