Price Action To Observe: Does Nike Inc Have Any Gas After Touching Yearly Low?

Price Action To Observe: Does Nike Inc Have Any Gas After Touching Yearly Low?

The stock of Nike Inc (NYSE:NKE) hit a new 52-week low and has $46.28 target or 8.00% below today’s $50.30 share price. The 6 months bearish chart indicates high risk for the $83.98B company. The 1-year low was reported on Oct, 31 by Barchart.com. If the $46.28 price target is reached, the company will be worth $6.72B less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 9.12M shares traded hands. Nike Inc (NYSE:NKE) has declined 15.40% since March 29, 2016 and is downtrending. It has underperformed by 18.88% the S&P500.

Nike Inc (NYSE:NKE) Ratings Coverage

Out of 34 analysts covering Nike Inc. (NYSE:NKE), 22 rate it a “Buy”, 1 “Sell”, while 11 “Hold”. This means 65% are positive. Nike Inc. has been the topic of 105 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The stock of Nike Inc (NYSE:NKE) earned “Outperform” rating by Telsey Advisory Group on Wednesday, December 23. The stock has “Neutral” rating given by Piper Jaffray on Thursday, September 8. Jefferies maintained Nike Inc (NYSE:NKE) on Friday, September 25 with “Buy” rating. The stock of Nike Inc (NYSE:NKE) has “Neutral” rating given on Wednesday, September 28 by B. Riley & Co. The rating was reinitiated by Wells Fargo on Tuesday, May 10 with “Market Perform”. B. Riley & Co downgraded the shares of NKE in a report on Friday, August 26 to “Neutral” rating. The firm earned “Overweight” rating on Wednesday, June 29 by JP Morgan. The rating was maintained by UBS with “Buy” on Wednesday, June 29. The stock of Nike Inc (NYSE:NKE) has “Outperform” rating given on Friday, September 25 by Macquarie Research. The company was maintained on Wednesday, March 23 by Barclays Capital.

According to Zacks Investment Research, “Nike, Inc.’s principal business activity involves the design, development and worldwide marketing of high quality footwear, apparel, equipment, and accessory products. NIKE is the one of the largest sellers of athletic footwear and athletic apparel in the world. The company sells its products to retail accounts in the United States and through a mix of independent distributors, licensees and subsidiaries in numerous countries around the world.”

Insitutional Activity: The institutional sentiment decreased to 0.87 in Q2 2016. Its down 0.23, from 1.1 in 2016Q1. The ratio worsened, as 116 funds sold all Nike Inc shares owned while 470 reduced positions. 98 funds bought stakes while 413 increased positions. They now own 1.02 billion shares or 2.98% less from 1.05 billion shares in 2016Q1.
Mai Cap Mgmt last reported 0.4% of its portfolio in the stock. Private Advisor Group Lc has invested 0.18% of its portfolio in Nike Inc (NYSE:NKE). Drexel Morgan owns 4,938 shares or 0.31% of their US portfolio. Moreover, Osborne Prns Cap Mgmt Limited Liability Corporation has 0.53% invested in Nike Inc (NYSE:NKE) for 64,266 shares. Etrade Cap Management last reported 0.01% of its portfolio in the stock. Fortaleza Asset Management has 1.16% invested in the company for 25,785 shares. Da Davidson And has 0.11% invested in the company for 67,923 shares. Intrust State Bank Na holds 0.14% of its portfolio in Nike Inc (NYSE:NKE) for 6,285 shares. Eastern Savings Bank last reported 0.92% of its portfolio in the stock. Virginia Retirement Et Al has 279,100 shares for 0.23% of their US portfolio. The Georgia-based Advisory Svcs Net Lc has invested 0.05% in Nike Inc (NYSE:NKE). Paragon Mgmt Lc has 3.75% invested in the company for 191,963 shares. Meristem Llp reported 17,574 shares or 0.43% of all its holdings. Shell Asset Management Communication reported 189,818 shares or 0.24% of all its holdings. Gotham Asset Management Ltd Liability Co reported 261,564 shares or 0.17% of all its holdings.

Insider Transactions: Since July 1, 2016, the stock had 2 buys, and 2 insider sales for $9.79 million net activity. $4.20 million worth of shares were sold by Slusher John F on Tuesday, July 26. $55,090 worth of Nike Inc (NYSE:NKE) was bought by LECHLEITER JOHN C on Friday, July 1. 100,000 shares were sold by Krane Hilary K, worth $5.70 million on Monday, July 25.

More notable recent Nike Inc (NYSE:NKE) news were published by: Investorplace.com which released: “Nike Inc (NKE) Stock Has a New Athleisure Rival: Adidas” on October 31, 2016, also Fool.com with their article: “Nike Inc.’s “ManRev” Project — How Nike Plans to Shape the Future of …” published on October 27, 2016, Seekingalpha.com published: “Is Now A Better Time Than Many To Buy Nike?” on October 31, 2016. More interesting news about Nike Inc (NYSE:NKE) were released by: Fool.com and their article: “Nike Inc.’s Inventory Challenge Isn’t as Bad as It Looks” published on October 24, 2016 as well as Fool.com‘s news article titled: “Better Buy: Nike Inc vs. Adidas” with publication date: October 19, 2016.

NKE Company Profile

NIKE, Inc., incorporated on September 8, 1969, is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating divisions include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. The Company’s portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse. The Firm sells its products to retail accounts, through its retail stores and Internet Websites, and through a mix of independent distributors and licensees across the world. The Company’s products are manufactured by independent contractors.

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