Why Did XPEV, ONON, LHX Stocks Hit 52-Week Lows Today?

XPeng’s strong earnings did little to calm delivery concerns, while On Holding faced retail pressure and L3Harris dealt with leadership changes and higher spending concerns.

• JPMorgan, Bank of America and Citi lowered Xpeng’s price targets, citing near-term delivery concerns. 
• On Holding fell to a two-year low on weak footwear demand and retailer concerns. 
• L3Harris hit a yearly low amid spending concerns and a leadership shakeup. 

XPeng (XPEV), On Holding (ONON) and L3Harris Technologies (LHX) are facing fresh selling pressure after each stock touched 52-week lows on Tuesday, highlighting concerns across electric vehicles, athletic apparel and defense. Weaker delivery expectations, retail inventory challenges and rising capital spending have overshadowed company-specific strengths, prompting investors to reassess growth prospects and valuations. 

On Holding and L3Harris stocks declined 2% and 0.25%, respectively, while XPeng stock pared losses to end the session 4% higher. 

Wider Losses And Soft Q3 Outlook Weigh On Xpeng 

XPeng stock hit nearly a two-year low of $11.06 despite strong second-quarter revenue and a record 20.7% gross margin. The Chinese EV maker posted RMB 19.74 billion ($2.91 billion) in revenue, up 49.7% above consensus, on 103,295 vehicle deliveries. 

However, its RMB 1.34 billion net loss was significantly wider than expected, pressured by heavy spending on AI, robotics and custom chips. Investors also reacted negatively to weaker-than-expected Q3 delivery guidance of 115,000-121,000 vehicles, prompting price-target cuts from JPMorgan, Citi and Bank of America.

JPMorgan cut its price target to $24 but kept an Overweight rating. Bank of America lowered its target to $18 and reduced its 2026-2028 delivery estimates by 5%-7%. Citi cut its target to $21.40, but expects new models could push monthly deliveries above 60,000 vehicles in Q4. 

However, on Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory. 

On Holding Gets Caught In Retail Weakness

On Holding stock also fell to a two-year low of $28.55, extending a decline of more than 43% from its 52-week high in January as investors absorbed fresh concerns about athletic footwear demand. Weakness among wholesale retailers added to the pressure, with Dick's Sporting Goods Inc. (DKS) also suffering a sharp decline after reporting inventory concerns.

Earlier this month, Telsey Advisory analyst Cristina Fernandez cut On Holding’s price target to $43 from $51 but kept an ‘Outperform’ rating. She said the company is taking the right steps to protect its premium brand, but the Q2 revenue miss and lower FY26 growth outlook were unexpected. 

Retail sentiment around the stock remained in ‘neutral’ territory. 

L3Harris Stock Slides As Investors Weigh Spending And CEO Exit 

L3Harris Technologies stock hit an annual low of $260.98 as investors remain concerned about high capital spending, integration expenses, defense R&D costs and future free cash flow. 

A recent leadership shakeup also added to woes as L3Harris Technologies said CEO and Chairman Christopher Kubasik left the company last week after a board investigation found conduct that violated its code of conduct. The company immediately appointed insider Sam Mehta as CEO. Retail sentiment around the stock remained in ‘bearish’ territory. 

So far this year, LHX, XPEV and ONON stocks have declined between 10% and 42%.

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