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

Key Points

• Gapped down: Li Ning shares opened down from $68.47 to $65.50 and last traded at $67.24, with only 25 shares changing hands, signaling very light volume around the move.
• Analyst sentiment has turned positive—Zacks Research and Goldman Sachs upgraded LNNGY to a Strong Buy, and the stock carries a consensus rating of Strong Buy.
• The stock sits near its 50-day moving average ($68.36) and above its 200-day moving average ($62.49); Li Ning is a leading Chinese sportswear company founded by Olympic gymnast Li Ning.

Li Ning Co. (OTCMKTS:LNNGY - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $68.47, but opened at $65.50. Li Ning shares last traded at $67.24, with a volume of 25 shares trading hands.

Analyst Ratings Changes

LNNGY has been the subject of a number of recent research reports. Zacks Research upgraded Li Ning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. The Goldman Sachs Group upgraded Li Ning from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 22nd. Two research analysts have rated the stock with a Strong Buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Strong Buy".

Li Ning Stock Performance

The stock has a 50 day moving average of $68.36 and a 200-day moving average of $62.49.

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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