XPeng (NYSE: XPEV) stock closed on December 23 at $10.06 −$0.79 (-7.28%) but managed to finish in after-hours trading at $10.20 +$0.14 (1.39%).
Wall Street still has high hopes for XPEV despite global macroeconomic headwinds, geopolitical risk, and questions about how long it will take for China to return to normal following its strict Covid policy.
The Chinese electric vehicle (EV) manufacturer started 2022 trading at $50.33 but has decreased by -80% since then. Notably, the forecasted XPEV price for the end of December 2022 is $10.29, a marginal rise from today to year-end: +2%, as per Coin Price Forecast, machine self-learning technology, which has forecasted XPeng’s price.
Picks for you
However, in the first half of 2023, the XPeng price is expected to climb to $14.92; in the second half, the price is estimated to add $4.48 and close the year at $19.40, which is +93% to the current price.
XPEV chart analysis
In the last month, XPEV has been trading in the $6.88 – $13.10 range, which is quite broad, and currently trading in the middle of this range, so some resistance may be found above.
In particular, a resistance zone ranging from $11.31 to $11.46 is formed by a combination of multiple trend lines in various time frames. At the same time, there is also resistance at $23.95 from a horizontal line in the daily time frame.
The trend over the short term is favorable, but the trend over the long term is still negative, and the volume has been much lower in the previous few trading days.
Technical analysis
Meanwhile, the technical analysis (TA) for XPEV on the 1-week gauges is mixed as the summary gauge points to a ‘sell’ sentiment at 11 while moving averages (MA) suggest a ‘strong sell’ also at 11.
The oscillators gauge points to ‘buy’ at 2, according to the data obtained from the market analytics platform TradingView on December 26.
As previously mentioned, Wall Street remains interested in XPEV; 37 analysts have given the stock an overall ‘buy’ recommendation in the past three months. Specifically, 30 analysts collectively recommend buying the stock, and five advised to hold. Two industry experts are advocate selling the stock with a ‘strong sell’ rating.
Elsewhere, XPEV has an average 1-year price projection of $11.78, according to the 31 analysts that follow the company and issue price forecasts; this objective represents a 17.06% upside from its current price. Meanwhile, the highest possible estimate is $26.59, and the lowest is $4.31.
XPeng in 2023
According to industry analysts, the lack of available batteries is still the biggest problem for EV start-ups like XPeng, since this might impede EV manufacturing as demand increases. However, the Chinese smart EV maker Xpeng has now set up a unit to design and produce battery packs.
What’s more, XPeng plans to release three cars next year as part of its intensified efforts to create new models to make up for the ground lost due to the Covid-19 lockdowns in 2022.
Even though most experts and algorithmic projections value XPeng below $20, if market sentiment improves and investors rush to buy the dip, and if XPEV has the potential to provide fantastic delivery results in 2023, the price might well rise as high as $50.
Buy stocks now with Interactive Brokers – the most advanced investment platform
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
