Li Ning (OTCMKTS:LNNGY) Shares Gap Up - Time to Buy?

Key Points

• Shares gapped up pre-market, opening at $72.0050 versus the prior close of $69.56 and last trading around $72.27 (roughly +4.0%), though volume was light at just 176 shares.
• Analyst upgrades have lifted sentiment: Goldman Sachs bumped Li Ning to a "strong-buy" (Mar 22) and Zacks moved it to "hold" from "strong sell" (Mar 17), leaving a MarketBeat consensus rating of "Buy".
• Technical picture supports the move, with the 50-day SMA at $67.90 and the 200-day SMA at $61.56—both below the current price.

Li Ning Co. (OTCMKTS:LNNGY - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $69.56, but opened at $72.0050. Li Ning shares last traded at $72.2687, with a volume of 176 shares changing hands.

Analyst Ratings Changes

Several research firms have commented on LNNGY. The Goldman Sachs Group raised Li Ning from a "hold" rating to a "strong-buy" rating in a report on Sunday, March 22nd. Zacks Research raised Li Ning from a "strong sell" rating to a "hold" rating in a report on Tuesday, March 17th. One equities 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, the stock currently has a consensus rating of "Buy".

Li Ning Stock Up 4.0%

The firm has a fifty day simple moving average of $67.90 and a 200 day simple moving average of $61.56.

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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