Li Auto (NASDAQ:LI) Stock Price Down 7.7% – Here’s What Happened

Li Auto Inc. (NASDAQ:LI) shares were down 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.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on LI. Macquarie cut 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. JPMorgan Chase & Co. raised shares of Li Auto from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $22.00 to $40.00 in a research note on Friday, February 28th. Cfra Research raised shares of Li Auto to a “strong sell” rating in a research note on Friday, March 21st. HSBC set a $38.50 target price on shares of Li Auto and gave the stock a “buy” rating in a research report on Thursday, March 6th. Finally, Nomura Securities upgraded shares of Li Auto to a “hold” rating in a research report on Monday, March 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Li Auto has a consensus rating of “Hold” and a consensus target price of $35.73.

Li Auto Price Performance

The business’s 50-day simple moving average is $26.45 and its 200-day simple moving average is $25.10. The stock has a market cap of $22.82 billion, a PE ratio of 15.93, a PEG ratio of 3.27 and a beta of 0.94. The company has a quick ratio of 1.64, a current ratio of 1.76 and a debt-to-equity ratio of 0.13.

Institutional Investors Weigh In On Li Auto

Several institutional investors and hedge funds have recently bought and sold shares of LI. Daiwa Securities Group Inc. raised its holdings in Li Auto by 16.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 3,500 shares of the company’s stock worth $84,000 after purchasing an additional 500 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in Li Auto in the fourth quarter worth about $129,000. Blue Trust Inc. raised its stake in Li Auto by 66.2% in the fourth quarter. Blue Trust Inc. now owns 5,058 shares of the company’s stock worth $130,000 after buying an additional 2,015 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in Li Auto in the fourth quarter worth about $191,000. Finally, Ballentine Partners LLC bought a new stake in Li Auto during the 4th quarter valued at approximately $223,000. Hedge funds and other institutional investors own 9.88% of the company’s stock.

Li Auto Company Profile

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.