Li Auto (NASDAQ:LI) Shares Gap Up – Still a Buy?

Li Auto Inc. (NASDAQ:LI)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $22.88, but opened at $24.10. Li Auto shares last traded at $24.50, with a volume of 1,797,626 shares.

Analysts Set New Price Targets

Separately, Barclays upped their price objective on shares of Li Auto from $22.00 to $31.00 and gave the stock an “equal weight” rating in a report on Monday, November 4th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Li Auto has an average rating of “Hold” and an average price target of $33.94.

Li Auto Price Performance

The company has a market cap of $25.92 billion, a P/E ratio of 18.10, a PEG ratio of 1.31 and a beta of 0.92. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.64. The company has a fifty day simple moving average of $23.22 and a 200-day simple moving average of $22.84.

Hedge Funds Weigh In On Li Auto

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Li Auto by 2,556.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,630,537 shares of the company’s stock valued at $93,503,000 after buying an additional 3,493,881 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Li Auto by 27.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 432,988 shares of the company’s stock worth $11,106,000 after acquiring an additional 93,904 shares in the last quarter. Ariose Capital Management Ltd acquired a new position in shares of Li Auto during the 3rd quarter worth $18,099,000. Barclays PLC raised its holdings in shares of Li Auto by 41.8% during the 3rd quarter. Barclays PLC now owns 602,028 shares of the company’s stock valued at $15,442,000 after purchasing an additional 177,414 shares in the last quarter. Finally, Atomi Financial Group Inc. bought a new stake in Li Auto in the fourth quarter worth $271,000. Institutional investors and hedge funds 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.