Although things looked optimistic for XPeng Motors (NYSE: XPEV), one of Asia’s largest electric vehicle (EV) and lithium-ion battery manufacturers, back in late July 2023, its stock has failed to retain the summer momentum amid a challenging year for the sector.
Indeed, despite having earned the title of ‘Chinese Tesla,’ XPeng has not followed the positive movement of its American counterpart, Tesla (NASDAQ: TSLA), over the past 12 months and has gained only 2.55% on the year, whereas Tesla marched nearly 50%.
However, the advanced artificial intelligence (AI) price prediction algorithms over at the cryptocurrency and stock market analytics and forecasting platform CoinCodex are bullish on the price of XPeng stock for the end of 2024, having set its price at $43.87 for December 31, 2024.
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Specifically, the above data suggests that the algorithm, which relies on the historical XPeng price dataset, as well as other chart patterns and technical analysis (TA) indicators, expects its stock price to rise by as much as 355% compared to its current price.
XPeng stock price analysis
In the meantime, the XPEV stock is changing hands at the price of $9.64, which represents a decline of 2.33% on the day, in addition to dropping 21.31% across the past week and losing 34.82% of its value on the monthly chart, according to the most recent data retrieved by Finbold on January 22.
Despite the algorithm’s positive projections, XPeng is currently demonstrating poor technical rating, performing worse than 80% of all other assets in the stock market in the yearly price activity and trading in the lower part of its 52-week range as well as its quite wide monthly range between $9.24 and $14.96.
That said, it is an average performer in the automobile industry, having outperformed 65% of the 41 stocks in the same sector, as well as showing strong stock liquidity, with an average volume of more than 11 million traded shares per day, in addition to the company having undergone fresh team restructuring under the new president.
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