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 Wednesday . The stock had previously closed at $28.04, but opened at $26.51. Li Auto shares last traded at $26.92, with a volume of 2,558,827 shares.

Analyst Upgrades and Downgrades

A number of analysts recently commented on LI shares. Citigroup upped their price target on shares of Li Auto from $25.50 to $29.60 and gave the company a "neutral" rating in a research note on Monday, September 30th. JPMorgan Chase & Co. cut their price objective on shares of Li Auto from $21.00 to $19.00 and set a "neutral" rating for the company in a research report on Thursday, August 29th. Bank of America lifted their target price on shares of Li Auto from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday, August 29th. Finally, Macquarie reiterated a "neutral" rating and issued a $33.00 target price (up from $25.00) on shares of Li Auto in a research report on Friday, October 4th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Li Auto has a consensus rating of "Moderate Buy" and a consensus price target of $32.66.

Li Auto Trading Down 0.4 %

The stock has a 50-day moving average price of $21.48 and a two-hundred day moving average price of $22.72. The stock has a market capitalization of $29.62 billion, a P/E ratio of 18.69 and a beta of 0.98. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.63 and a current ratio of 1.76.

Li Auto (NASDAQ:LI - Get Free Report) last announced its earnings results on Wednesday, August 28th. The company reported $0.14 EPS for the quarter. Li Auto had a net margin of 7.65% and a return on equity of 13.70%. The firm had revenue of $4.36 billion for the quarter.

Institutional Trading of Li Auto

A number of institutional investors and hedge funds have recently modified their holdings of LI. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Li Auto by 58.7% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,549 shares of the company's stock worth $28,000 after buying an additional 573 shares during the last quarter. Blue Trust Inc. lifted its position in Li Auto by 1,707.4% during the second quarter. Blue Trust Inc. now owns 1,952 shares of the company's stock valued at $35,000 after purchasing an additional 1,844 shares in the last quarter. Scarborough Advisors LLC bought a new stake in Li Auto during the fourth quarter valued at about $41,000. Barometer Capital Management Inc. bought a new stake in Li Auto during the fourth quarter valued at about $135,000. Finally, QRG Capital Management Inc. increased its position in Li Auto by 58.5% in the second quarter. QRG Capital Management Inc. now owns 11,731 shares of the company's stock worth $210,000 after buying an additional 4,331 shares in the last quarter. 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.