Li Auto (NASDAQ:LI) Shares Gap Down - Time to Sell?

Li Auto Inc. (NASDAQ:LI - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $23.79, but opened at $23.18. Li Auto shares last traded at $22.89, with a volume of 732,001 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on LI. Macquarie reaffirmed a "neutral" rating and issued a $33.00 price target (up from $25.00) on shares of Li Auto in a report on Friday, October 4th. Barclays upped their target price on shares of Li Auto from $22.00 to $31.00 and gave the company an "equal weight" rating in a research note on Monday, November 4th. Finally, Citigroup lifted their price target on Li Auto from $25.50 to $29.60 and gave the stock a "neutral" rating in a research note on Monday, September 30th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $33.94.

Li Auto Stock Down 4.9 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.64 and a current ratio of 1.76. The company has a market cap of $24.00 billion, a P/E ratio of 16.76, a P/E/G ratio of 1.27 and a beta of 0.93. The stock has a 50 day moving average price of $23.11 and a 200 day moving average price of $22.68.

Hedge Funds Weigh In On Li Auto

A number of hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new stake in shares of Li Auto during the third quarter valued at approximately $39,000. Venturi Wealth Management LLC purchased a new position in Li Auto during the 3rd quarter worth approximately $50,000. BNP Paribas raised its stake in Li Auto by 300.0% during the 3rd quarter. BNP Paribas now owns 2,000 shares of the company's stock valued at $51,000 after purchasing an additional 1,500 shares during the period. Avior Wealth Management LLC lifted its holdings in shares of Li Auto by 708.5% in the third quarter. Avior Wealth Management LLC now owns 2,385 shares of the company's stock valued at $61,000 after purchasing an additional 2,090 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Li Auto by 55.9% in the third quarter. Blue Trust Inc. now owns 3,043 shares of the company's stock worth $78,000 after buying an additional 1,091 shares during the period. 9.88% of the stock is currently owned by institutional investors and hedge funds.

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.