Li Auto (NASDAQ:LI) Shares Gap Up - Time to Buy?

Li Auto Inc. (NASDAQ:LI - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $24.44, but opened at $25.51. Li Auto shares last traded at $26.00, with a volume of 2,947,401 shares traded.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. 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. Bank of America raised their price target on shares of Li Auto from $30.00 to $31.00 and gave the stock a "buy" rating in a research report on Thursday, August 29th. Citigroup upped their price objective on shares of Li Auto from $25.50 to $29.60 and gave the company a "neutral" rating in a report on Monday, September 30th. 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. Finally, Macquarie restated a "neutral" rating and set a $33.00 target price (up from $25.00) on shares of Li Auto in a research report on Friday, October 4th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Li Auto has an average rating of "Moderate Buy" and a consensus price target of $33.94.

Li Auto Stock Performance

The company has a market cap of $26.86 billion, a price-to-earnings ratio of 18.76, a P/E/G ratio of 2.13 and a beta of 0.94. The stock's fifty day simple moving average is $24.06 and its 200 day simple moving average is $22.08. The company has a current ratio of 1.76, a quick ratio of 1.64 and a debt-to-equity ratio of 0.13.

Institutional Investors Weigh In On Li Auto

Institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. grew its stake 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 acquiring an additional 1,091 shares in the last quarter. BNP Paribas grew its stake in Li Auto by 300.0% during the 3rd quarter. BNP Paribas now owns 2,000 shares of the company's stock worth $51,000 after purchasing an additional 1,500 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Li Auto during the 3rd quarter worth $39,000. Venturi Wealth Management LLC purchased a new stake in Li Auto during the 3rd quarter worth about $50,000. Finally, Avior Wealth Management LLC raised its position in Li Auto by 708.5% in the 3rd 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. Hedge funds and other institutional investors own 9.88% of the company's stock.

About Li Auto

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.