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.
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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.
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