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

Key Points

• Gapped down: Li Ning shares opened sharply lower pre-market (previous close $65.10 to open $62.39) and last traded at $63.48 on just 52 shares, indicating very light volume.
• Analyst upgrades: Goldman Sachs (Mar 22) and Zacks (Apr 16) upgraded the stock to Strong Buy, and the consensus rating on MarketBeat is currently Strong Buy.
• Technicals are mixed: the stock is trading down about 1.5% while the 50-day moving average ($67.64) sits above the 200-day moving average ($62.98), suggesting near-term strength amid the pullback.

Li Ning Co. (OTCMKTS:LNNGY - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $65.10, but opened at $62.39. Li Ning shares last traded at $63.4755, with a volume of 52 shares changing hands.

Wall Street Analyst Weigh In

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

Li Ning Trading Down 1.5%

The company's 50 day moving average price is $67.64 and its 200-day moving average price is $62.98.

About Li Ning

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.