Mirae Asset Global Investments Co. Ltd. Cuts Stake in Li Auto Inc. Sponsored ADR $LI

Key Points

• Mirae Asset Global Investments significantly reduced its stake in Li Auto Inc. by 83%, selling over 14 million shares and now holding approximately 2.9 million shares worth $78.2 million.
• Li Auto's stock opened at $25.83, with a market capitalization of $27.05 billion and a consensus price target of $25.79 among analysts.
• Recent analysis has resulted in mixed ratings for Li Auto, with revisions including a downgrade from Bank of America from a "buy" to "neutral" rating, alongside a target price adjustment to $26.00.

Mirae Asset Global Investments Co. Ltd. lowered its stake in shares of Li Auto Inc. Sponsored ADR (NASDAQ:LI - Free Report) by 83.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,885,175 shares of the company's stock after selling 14,038,445 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.28% of Li Auto worth $78,217,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. SVB Wealth LLC purchased a new stake in shares of Li Auto during the first quarter worth about $33,000. Summit Securities Group LLC purchased a new stake in shares of Li Auto during the first quarter worth about $50,000. CX Institutional purchased a new stake in shares of Li Auto during the first quarter worth about $72,000. Brooklyn Investment Group increased its stake in shares of Li Auto by 1,077.3% during the first quarter. Brooklyn Investment Group now owns 4,980 shares of the company's stock worth $125,000 after purchasing an additional 4,557 shares in the last quarter. Finally, Halbert Hargrove Global Advisors LLC purchased a new stake in Li Auto during the 1st quarter valued at about $126,000. Hedge funds and other institutional investors own 9.88% of the company's stock.

Li Auto Trading Up 1.3%

Shares of Li Auto stock opened at $25.83 on Friday. Li Auto Inc. Sponsored ADR has a 1 year low of $19.10 and a 1 year high of $33.12. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.73. The company has a market capitalization of $27.05 billion, a P/E ratio of 24.60 and a beta of 1.01. The company's fifty day moving average is $24.91 and its two-hundred day moving average is $26.05.

Wall Street Analysts Forecast Growth

LI has been the topic of several recent research reports. Wall Street Zen cut Li Auto from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Zacks Research raised shares of Li Auto from a "strong sell" rating to a "hold" rating in a research report on Monday. BNP Paribas initiated coverage on shares of Li Auto in a research report on Monday, August 18th. They set a "strong sell" rating for the company. Barclays reduced their target price on shares of Li Auto from $31.00 to $24.00 and set an "equal weight" rating on the stock in a report on Thursday, August 28th. Finally, Bank of America downgraded shares of Li Auto from a "buy" rating to a "neutral" rating and set a $26.00 price objective on the stock. in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $25.79.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.