Li Ning (OTCMKTS:LNNGY) Shares Gap Down – Here’s Why

Li Ning Co. (OTCMKTS:LNNGY)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $50.31, but opened at $47.38. Li Ning shares last traded at $47.43, with a volume of 553 shares changing hands.

Analysts Set New Price Targets

LNNGY has been the topic of several analyst reports. The Goldman Sachs Group raised shares of Li Ning from a “hold” rating to a “strong-buy” rating in a research report on Sunday, March 22nd. Zacks Research downgraded shares of Li Ning from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Li Ning has an average rating of “Buy”.

Li Ning Trading Up 0.6%

The company’s 50-day simple moving average is $59.24 and its 200-day simple moving average is $63.33.

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.