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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai AutoEver, which surged this year on the back of Hyundai Motor Group's strong earnings and accelerating digital phone calls, has recently put the brakes on securities firms' downward revision of their investment opinions and institutional net selling.
According to the Korea Exchange on the 20th, this month, the agency sold Hyundai Autoever except for two trading days. During this period, the agency sold about 71.3 billion won of Hyundai Autoever. On the other hand, foreigners and individuals bought Hyundai Autoever 21.2 billion won and 50 billion won, respectively.
Stock prices have also changed due to institutional net selling. Hyundai Autoever's stock price jumped 10.34% to 240,000 won on the 11th, the highest ever since its listing in 2019. The stock price, which stood at 95,900 won earlier this year, jumped 2.5 times. However, stock prices plunged 14.79% due to net selling by institutions on the 12th and have continued to decline since then. Hyundai Autoever closed at 181,400 won, down 1.31% from the previous trading day. Shares of Hyundai Autoever fell 4.5% this month from the beginning of the month.
The financial investment industry is lowering its investment opinions, believing that stock prices are likely to be put on hold for the time being as expectations for future growth are excessively reflected in Hyundai Autoever's stock prices.
On the same day, Kiwoom Securities said Hyundai Autoever's short-term stock price rise rally entered a valuation burden, and lowered its investment opinion one notch from its previous purchase to neutral and maintained its target price at KRW 195,000.
"Our quarterly sales in the automotive software sector have reached 130 billion won for the first time since the second half of this year, and we expect structural growth from a mid- to long-term perspective," said Kiwoom Securities. "However, such expectations are already fully reflected in the current stock price of Hyundai AutoEver."
Yuanta Securities and Hi Investment & Securities also lowered their investment opinions from buying to neutral.
However, securities firms are raising Hyundai Autoever's target stock price in anticipation of a steady improvement in Hyundai Autoever's performance.
Yuanta Securities raised Hyundai Autoever's target price from 140,000 won to 200,000 won. Hi Investment & Securities also raised its target price from 185,000 won to 220,000 won.
Samsung Securities (185,000 won → 220,000 won) and DS Investment & Securities (165,000 won → 210,000 won) also raised their target stock prices.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
