Li Auto (NASDAQ:LI) Stock Price Down 4% - Here's Why

Li Auto Inc. (NASDAQ:LI - Get Free Report)'s share price dropped 4% on Tuesday . The stock traded as low as $29.17 and last traded at $28.94. Approximately 528,210 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 6,432,714 shares. The stock had previously closed at $30.15.

Analyst Ratings Changes

LI has been the topic of several analyst reports. Macquarie cut shares of Li Auto from an "outperform" rating to a "neutral" rating and set a $27.00 price objective on the stock. in a research note on Monday, March 17th. Nomura Securities raised shares of Li Auto to a "hold" rating in a research note on Monday, March 17th. HSBC set a $38.50 price objective on shares of Li Auto and gave the stock a "buy" rating in a research note on Thursday, March 6th. Cfra Research raised shares of Li Auto from a "strong sell" rating to a "hold" rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. raised shares of Li Auto from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $22.00 to $40.00 in a research note on Friday, February 28th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, Li Auto currently has a consensus rating of "Hold" and an average price target of $32.85.

Li Auto Stock Down 3.8%

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 firm has a market cap of $29.07 billion, a P/E ratio of 20.56, a PEG ratio of 3.27 and a beta of 0.98. The stock's 50-day simple moving average is $26.28 and its 200 day simple moving average is $25.37.

Li Auto (NASDAQ:LI - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The company reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The firm had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.45 billion. Li Auto had a net margin of 7.20% and a return on equity of 13.03%. The business's revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company posted $1.21 EPS. As a group, research analysts forecast that Li Auto Inc. will post 0.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Li Auto

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Li Auto by 459.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,923,620 shares of the company's stock worth $426,475,000 after acquiring an additional 13,897,555 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Li Auto by 1.3% in the 4th quarter. Renaissance Technologies LLC now owns 7,800,639 shares of the company's stock worth $187,137,000 after acquiring an additional 99,539 shares during the last quarter. Brilliance Asset Management Ltd. raised its holdings in shares of Li Auto by 0.7% in the 4th quarter. Brilliance Asset Management Ltd. now owns 3,508,642 shares of the company's stock worth $84,172,000 after acquiring an additional 24,416 shares during the last quarter. RWC Asset Advisors US LLC raised its holdings in shares of Li Auto by 20.0% in the 4th quarter. RWC Asset Advisors US LLC now owns 3,181,050 shares of the company's stock worth $76,313,000 after acquiring an additional 530,390 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Li Auto by 133.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,636,156 shares of the company's stock worth $66,431,000 after acquiring an additional 1,505,991 shares during the last quarter. 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.