Li Ning (OTCMKTS:LNNGY) Shares Gap Down - Here's Why

Key Points

• Gapped down: Li Ning shares opened at $65.90 after a prior close of $70.32 and last traded around $68.52 on very light volume (243 shares), producing a pre-market gap down.
• Analyst upgrades: Goldman Sachs upgraded the stock to a "strong-buy" and Zacks moved it from "strong sell" to "hold," leaving an average MarketBeat rating of "Buy" (one Strong Buy, one Hold).
• Technical context: The 50-day simple moving average is $67.36 and the 200-day is $60.89, so the stock is trading near the 50-day and comfortably above the 200-day, indicating recent upward momentum.

Li Ning Co. (OTCMKTS:LNNGY - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $70.32, but opened at $65.90. Li Ning shares last traded at $68.5185, with a volume of 243 shares trading hands.

Analysts Set New Price Targets

Several brokerages recently issued reports on LNNGY. Zacks Research raised Li Ning from a "strong sell" rating to a "hold" rating in a report on Tuesday, March 17th. The Goldman Sachs Group upgraded Li Ning from a "hold" rating to a "strong-buy" rating in a research note on Sunday. One research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Li Ning currently has an average rating of "Buy".

Li Ning Price Performance

The stock's fifty day simple moving average is $67.36 and its two-hundred day simple moving average is $60.89.

Li Ning Company Profile

Li Ning Company Limited is a leading Chinese sportswear company engaged in the design, development, manufacturing and sale of athletic and lifestyle products. The company’s portfolio includes performance footwear, apparel and accessories tailored for running, basketball, training and other fitness activities. Li Ning distributes its products through an extensive network of concept stores, franchise outlets and e-commerce platforms across China and growing markets overseas.

Founded in 1990 by Li Ning, a decorated Olympic gymnast, the company quickly gained prominence in domestic and international markets.

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