XPeng (NYSE:XPEV) stock has been put in reverse today, with shares down more than 10% after the Chinese electric vehicle (EV) company reported first-quarter earnings. During the quarter, revenue tallied in at 4.03 billion yuan, down by about 50% year-over-year (YOY) and missing the analyst estimate for 5.19 billion yuan. Revenue was driven by the delivery of 18,230 vehicles, down 17.9% from Q4 2022. As of April 30, XPeng has delivered 25,309 vehicles so far this year.
Meanwhile, profitability remains to be seen. Net loss for the period was 2.34 billion yuan versus the analyst estimate for a 1.9 billion yuan loss. A year ago, the company reported a net loss of 1.7 billion yuan.
“I am fully confident in taking our Company into a virtuous cycle driving product sales growth, team morale, customer satisfaction and brand reputation over the next few quarters,” said CEO He Xiaopeng. “G6, the first production model built on XPENG’s next-generation technology architecture SEPA2.0, will be officially launched in June 2023.”
On the bright side, XPeng still has a sizable cash pile. Cash and cash equivalents, restricted cash, short-term investments and time deposits totaled 34.12 billion yuan, or about $4.97 billion, as of March 31.
For Q2, XPeng forecasts between 21,000 and 22,000 deliveries, signaling a yearly decrease of between 36.1% and 39%. It also expects total revenue of between 4.5 billion yuan and 4.7 billion yuan, implying a YOY decline between 36.8% and 39.5%.
5 Investors Betting Big on XPEV Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q1, 209 13F filers disclosed a stake in XPEV stock, a decline of 12 filers from the prior quarter. In total, these filers own 102.11 million shares, down from 139.52 million shares. Of these filers, 10 own XPEV in their top 10 positions.
Meanwhile, the institutional put/call ratio as of Q1 was 0.68, up from 0.50. That’s equivalent to 13.67 million puts and 20 million calls, implying a bullish options stance. With that in mind, let’s take a look at XPeng’s top shareholders:
- CEO and co-founder He Xiaopeng: 353.10 million shares. Xiaopeng’s stake is accurate as of Q4 2022.
- FIFTHDELTA: 12.23 million shares. FIFTHDELTA reduced its stake by 6.33 million shares during Q1.
- PRIMECAP Management Company: 12.11 million shares. PRIMECAP added 57,000 shares during Q1.
- Primavera Capital Management: 9.91 million shares. Primavera’s stake remained unchanged during Q1.
- Alibaba (NYSE:BABA): 6.65 million shares. Alibaba’s stake remained unchanged during Q1.
On the date of publication, Eddie Pan held a long position in BABA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
