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

Li Auto Inc. (NASDAQ:LI) 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 trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Citigroup lifted their price target on Li Auto from $25.50 to $29.60 and gave the company a “neutral” rating in a report on Monday, September 30th. Barclays increased their price target on shares of Li Auto from $22.00 to $31.00 and gave the company an “equal weight” rating in a research report on Monday, November 4th. Macquarie restated a “neutral” rating and issued a $33.00 target price (up from $25.00) on shares of Li Auto in a research note on Friday, October 4th. Bank of America upped their target price on Li Auto from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Finally, JPMorgan Chase & Co. dropped their target price 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. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Li Auto presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.94.

Li Auto Stock Performance

The company has a market capitalization of $24.76 billion, a PE ratio of 17.33, a PEG ratio of 2.15 and a beta of 0.99. The firm has a 50-day moving average of $25.23 and a two-hundred day moving average of $21.86. The company has a quick ratio of 1.64, a current ratio of 1.76 and a debt-to-equity ratio of 0.13.

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

Hedge Funds Weigh In On Li Auto

A number of hedge funds have recently made changes to their positions in LI. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Li Auto by 58.7% during 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 in the last quarter. Blue Trust Inc. boosted its holdings in Li Auto by 1,707.4% in 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 during the period. 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, BNP Paribas raised its position in Li Auto by 300.0% in 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 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.