Li Auto (NASDAQ:LI) stock is slipping on Thursday after the electric vehicle (EV) company’s shares were hit with a price target cut and downgrade.
Barclays analyst Jiong Shao downgraded is behind this with a price target drop from $39 per share to $25 per share. That represents a potential upside of 4.7% from its prior closing price. However, it’s well below the analysts’ consensus estimate of $45.36 per share.
The downgrade for LI stock drops it from an “overweight” rating to an “equal weight” rating. That’s more bearish than the analysts’ consensus rating of moderate buy based on seven opinions.
Trouble for LI Stock
Li Auto has been in trouble lately, as both investors and competition have been exerting ongoing pressure on the EV company. That includes rivals dropping prices to be more competitive in the space.
Li Auto folded to this pressure recently when it announced a series of price drops for its EVs. That affected four of the five EV models sold by the company. The only unaffected model was the Li L6, which just launched last week.
LI stock is down 2% as of Thursday morning with roughly 1.5 million shares traded. That’s below its daily average trading volume of about 8.2 million shares.
Investors will find more of the most recent stock market stories ready to go down below!
We have all of the hottest stock market news for Thursday! Among that is what has shares of Nio (NYSE:NIO), Chicken Soup for the Soul (NASDAQ:CSSE) and Lithia Motors (NYSE:LAD) stock moving today. All of that info is available at the following links!
More Thursday Stock Market News
- NIO Stock Alert: Nio Signs New Battery Partnership With Lotus
- Why Is Chicken Soup for the Soul (CSSE) Stock Down 22% Today?
- Trade of the Day: Bet Against Lithia Motors (LAD) Stock Before It’s Too Late
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
