Why Yunji Stock Dropped Like a Rock Today
Shares of e-commerce company Yunji (NASDAQ: YJ) dropped on Monday due to an analyst downgrade from Morgan Stanley. The stock was previously up for 2020 after more than doubling in the past couple of weeks. But perhaps that was too far too fast. As of 11 a.m. EST today, Yunji stock was down 17%.
Morgan Stanley analyst Eddy Wang gave Yunji stock an underweight rating, meaning Wang simply expects the stock won't return as much as a benchmark average, and will underperform comparable stocks. Wang's new price target is $3.40 per share, lower than where the stock closed last week.
Image source: Getty Images.
Source Fool.com