What's Going On With XPeng Stock?

XPeng Inc - ADR XPEV shares are trading higher on Monday after China announced it had pledged to optimize the business environment for private enterprises ahead of the Politburo meeting later this week.

The Details: China's National Development and Reform Commission (NDRC) released a 17-point statement on Monday which included pledges to support private investment in transportation, clean energy, new infrastructure, advanced manufacturing and real estate. Shares of XPEV are among the Chinese companies' stock that are rising on news of the announcement.

On Friday, JP Morgan analyst Nick Lai downgraded XPeng from Neutral to Underweight, but raised the XPEV price target from $7.5 to $10.

Shares of XPEV are moving higher on above-average volume on Monday, and XPeng shares have gained more than 47% over the last month. According to data from Benzinga Pro, 14.4 million shares have been traded on Monday, compared to the stock's 100-day average of 14.8 million shares.

XPEV Price Action: According to Benzinga Pro, shares of XPEV are trading 11.5% higher at $16.23 at the time of publication.

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Photo: Courtesy XPeng