Why Li Auto Stock Accelerated 10.6% Today
Wednesday's sputtering jalopy of an electric vehicle (EV) stock, Li Auto (NASDAQ: LI), was a race car tearing down the track on Thursday. The Chinese company's American depositary receipts (ADRs) rose 10.6% across the trading session not because of any fresh news from the company, but rather on the back of new bullish analyst takes. That share price increase was well higher than the 0.1% rise of the S 500 index.
Li Auto's Wednesday skid (a 16% drop) came on the back of the company's second-quarter earnings report. The fundamentals disappointed investors even though the EV maker met the consensus analyst estimate for revenue, and beat the estimate for net income.
Some pundits clearly felt this was an overreaction, and reiterated or bolstered their optimistic views of Li Auto's future today. One was 's Jeff Chung, who reiterated both his buy recommendation on the stock and his $26.20 per-share price target.
Source Fool.com
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