Li Auto (NASDAQ:LI) Shares Gap Up - Here's Why

Li Auto Inc. (NASDAQ:LI - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $28.25, but opened at $29.26. Li Auto shares last traded at $29.40, with a volume of 1,665,447 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Nomura Securities upgraded shares of Li Auto to a "hold" rating in a research note on Monday, March 17th. JPMorgan Chase & Co. upgraded shares of Li Auto from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $22.00 to $40.00 in a research note on Friday, February 28th. Cfra Research upgraded 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 company a "buy" rating in a research note on Thursday, March 6th. Finally, Macquarie downgraded shares of Li Auto from an "outperform" rating to a "neutral" rating and set a $27.00 target price for the company. in a research note on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Li Auto has an average rating of "Hold" and an average target price of $32.85.

Li Auto Trading Up 0.8%

The company has a market capitalization of $30.27 billion, a price-to-earnings ratio of 21.41, a P/E/G ratio of 3.27 and a beta of 0.95. The company has a quick ratio of 1.64, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The company's 50 day simple moving average is $25.16 and its two-hundred day simple moving average is $24.77.

Institutional Investors Weigh In On Li Auto

Several institutional investors and hedge funds have recently made changes to their positions in LI. Barclays PLC lifted its stake in shares of Li Auto by 41.8% during the third quarter. Barclays PLC now owns 602,028 shares of the company's stock worth $15,442,000 after buying an additional 177,414 shares during the period. Ballentine Partners LLC acquired a new stake in shares of Li Auto during the fourth quarter worth $223,000. Atomi Financial Group Inc. purchased a new position in shares of Li Auto during the fourth quarter worth $271,000. SG Americas Securities LLC raised its holdings in shares of Li Auto by 26.9% during the fourth quarter. SG Americas Securities LLC now owns 212,415 shares of the company's stock worth $5,096,000 after purchasing an additional 45,008 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Li Auto by 66.2% during the fourth quarter. Blue Trust Inc. now owns 5,058 shares of the company's stock worth $130,000 after purchasing an additional 2,015 shares during the last quarter. 9.88% of the stock is currently owned by institutional investors and hedge funds.

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.