Xpeng (NYSE:XPEV) shares are rising in the pre-market session today after the company’s Chairman and CEO He Xiaopeng boosted his stake in XPeng by $30 million.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
The CEO bought 2.2 million shares of the company on Friday at an average price of $13.58.
The transaction is significant as it shows major insider confidence in the stock and comes after a nearly 63% fall in the share price over the past year.
XPeng shares have trended lower in recent days even as the deliveries of its G9 SUV loom closer.
Is XPEV Stock a Good Buy?
The Street, in the meantime, has a Strong Buy consensus rating on the stock alongside an average price target of $44.02.
This implies a whopping 221.08% potential upside in the stock.
Read full Disclosure