Li Auto lowered its first-quarter outlook for electric vehicle (EV) deliveries
China-based Li Auto Inc (NASDAQ:LI) announced earlier it expects electric vehicle (EV) deliveries to come around 78,000 vehicles for the first quarter, as opposed to the 103,000 it previously anticipated, due to lower-than-expected order intake. The security is down 7.3% at $31.63 this morning.
Li Auto stock has suffered several bear gaps in the past month that have place it below the 20-day moving average, a trendline that had been acting as support earlier this month. Overhead pressure at the $47 level turned away the equity’s February rally, after rejecting an August surge that came just shy of record highs. So far this month, LI has shed 30.2%.
Despite its recent price action, all nine analysts in coverage rate the stock a “buy” or better, while the 12-month consensus target price of $57.09 is still a whopping 77.6% premium to current levels. This indicates there is ample room for downgrades and/or price-target cuts, which could pressure LI.
Short-term options traders lean bearish. This is per the security’s Schaeffer’s put/call open interest ratio (SOIR) of 1.10 that sits higher than 74% of readings from the past 12 months.