Li Auto (NASDAQ:LI) Shares Gap Up – Here’s Why

Li Auto Inc. (NASDAQ:LI)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $21.83, but opened at $22.74. Li Auto shares last traded at $22.96, with a volume of 1,212,642 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Citigroup upped their target price on shares of Li Auto from $25.50 to $29.60 and gave the stock a “neutral” rating in a research note on Monday, September 30th. JPMorgan Chase & Co. dropped their price objective on shares of Li Auto from $21.00 to $19.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. Bank of America lifted their price objective 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. Barclays increased their target price on Li Auto from $22.00 to $31.00 and gave the company an “equal weight” rating in a report on Monday, November 4th. Finally, Macquarie reaffirmed a “neutral” rating and set a $33.00 price target (up from $25.00) on shares of Li Auto in a report on Friday, October 4th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.94.

Li Auto Trading Up 6.8 %

The business has a 50-day moving average of $25.32 and a 200-day moving average of $21.88. The stock has a market capitalization of $24.73 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 2.15 and a beta of 0.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.64 and a current ratio of 1.76.

Li Auto (NASDAQ:LI) last announced its earnings results on Wednesday, August 28th. The company reported $0.14 earnings per share (EPS) for the quarter. Li Auto had a net margin of 7.20% and a return on equity of 13.03%. The business had revenue of $4.36 billion for the quarter. As a group, research analysts forecast that Li Auto Inc. will post 1.04 EPS for the current year.

Institutional Investors Weigh In On Li Auto

A number of institutional investors and hedge funds have recently made changes to their positions in LI. American Century Companies Inc. raised its stake in shares of Li Auto by 20.5% during the second quarter. American Century Companies Inc. now owns 726,684 shares of the company’s stock worth $12,993,000 after purchasing an additional 123,838 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Li Auto by 2,556.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,630,537 shares of the company’s stock worth $93,503,000 after acquiring an additional 3,493,881 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Li Auto by 27.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 432,988 shares of the company’s stock valued at $11,106,000 after acquiring an additional 93,904 shares in the last quarter. Ariose Capital Management Ltd acquired a new position in shares of Li Auto during the third quarter worth about $18,099,000. Finally, DekaBank Deutsche Girozentrale raised its holdings in Li Auto by 510.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 76,450 shares of the company’s stock worth $2,370,000 after purchasing an additional 63,917 shares in the last quarter. 9.88% of the stock is owned by hedge funds and other institutional investors.

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.