Li Auto (NASDAQ:LI) Shares Gap Down - Here's What Happened

Li Auto Inc. (NASDAQ:LI - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $22.79, but opened at $22.06. Li Auto shares last traded at $22.07, with a volume of 472,838 shares.

Analyst Ratings Changes

A number of brokerages have commented on LI. JPMorgan Chase & Co. reduced their target price on shares of Li Auto from $21.00 to $19.00 and set a "neutral" rating for the company in a report on Thursday, August 29th. Bank of America upped their price objective on Li Auto from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Thursday, August 29th. Citigroup lifted their target price on Li Auto from $25.50 to $29.60 and gave the company a "neutral" rating in a research report on Monday, September 30th. Macquarie reissued a "neutral" rating and set a $33.00 price target (up previously from $25.00) on shares of Li Auto in a report on Friday, October 4th. Finally, Barclays raised their price objective on Li Auto from $22.00 to $31.00 and gave the stock an "equal weight" rating in a research note on Monday, November 4th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.94.

Li Auto Trading Down 2.6 %

The stock has a fifty day simple moving average of $24.63 and a 200 day simple moving average of $21.87. The firm has a market capitalization of $23.55 billion, a P/E ratio of 16.44, a PEG ratio of 2.18 and a beta of 0.94. The company has a quick ratio of 1.64, a current ratio of 1.76 and a debt-to-equity ratio of 0.13.

Institutional Investors Weigh In On Li Auto

Several institutional investors and hedge funds have recently modified their holdings of LI. Aspex Management HK Ltd grew its stake in Li Auto by 55.0% during the third quarter. Aspex Management HK Ltd now owns 10,643,926 shares of the company's stock valued at $273,017,000 after acquiring an additional 3,778,463 shares in the last quarter. FMR LLC grew its position in shares of Li Auto by 422.4% during the third quarter. FMR LLC now owns 4,252,398 shares of the company's stock valued at $109,074,000 after purchasing an additional 3,438,410 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Li Auto by 2,556.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,630,537 shares of the company's stock worth $93,503,000 after purchasing an additional 3,493,881 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of Li Auto in the second quarter worth about $21,626,000. Finally, American Century Companies Inc. lifted its position in shares of Li Auto by 20.5% in the second quarter. American Century Companies Inc. now owns 726,684 shares of the company's stock worth $12,993,000 after buying an additional 123,838 shares in the last quarter. Institutional investors own 9.88% of the company's stock.

Li Auto Company Profile

Li Auto Inc operates in the energy vehicle market in the People's Republic of China. It designs, develops, manufactures, and sells premium smart electric vehicles. The company's product line comprises MPVs and sport utility vehicles. It offers sales and after sales management, and technology development and corporate management services, as well as purchases manufacturing equipment.