Li Auto (NASDAQ:LI) Shares Down 7.7% - Here's What Happened

Li Auto Inc. (NASDAQ:LI - Get Free Report) dropped 7.7% during mid-day trading on Monday . The company traded as low as $20.60 and last traded at $21.29. Approximately 3,212,814 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 7,172,327 shares. The stock had previously closed at $23.07.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on LI shares. Macquarie lowered Li Auto from an "outperform" rating to a "neutral" rating and set a $27.00 price objective on the stock. in a report on Monday, March 17th. Cfra Research raised shares of Li Auto to a "strong sell" rating in a research report on Friday, March 21st. HSBC set a $38.50 price objective on shares of Li Auto and gave the company a "buy" rating in a research note on Thursday, March 6th. Nomura Securities raised shares of Li Auto to a "hold" rating in a report on Monday, March 17th. Finally, JPMorgan Chase & Co. upgraded shares of Li Auto from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $22.00 to $40.00 in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, Li Auto has an average rating of "Hold" and an average price target of $35.73.

Li Auto Price Performance

The stock has a market capitalization of $24.32 billion, a PE ratio of 17.21, a P/E/G ratio of 3.27 and a beta of 0.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.64. The stock's fifty day moving average is $26.18 and its 200-day moving average is $25.00.

Hedge Funds Weigh In On Li Auto

A number of hedge funds have recently bought and sold shares of the business. Signaturefd LLC increased its stake in shares of Li Auto by 4.4% during the fourth quarter. Signaturefd LLC now owns 10,184 shares of the company's stock worth $244,000 after purchasing an additional 428 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Li Auto by 16.7% during the fourth quarter. Daiwa Securities Group Inc. now owns 3,500 shares of the company's stock valued at $84,000 after acquiring an additional 500 shares during the last quarter. Laird Norton Wetherby Wealth Management LLC lifted its position in shares of Li Auto by 2.2% in the fourth quarter. Laird Norton Wetherby Wealth Management LLC now owns 25,174 shares of the company's stock valued at $604,000 after acquiring an additional 547 shares in the last quarter. Amundi boosted its stake in shares of Li Auto by 1.2% in the fourth quarter. Amundi now owns 78,098 shares of the company's stock worth $1,811,000 after acquiring an additional 888 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Li Auto by 15.2% during the fourth quarter. First Trust Advisors LP now owns 10,014 shares of the company's stock worth $240,000 after purchasing an additional 1,324 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.