Why did Nike stock fall?
While earnings beat expectations, the stock suffered its biggest loss in more than a year after management warned of softening sales for the rest of Nike's fiscal year, which ends in May. At the time, Nike flagged consumer caution from Europe to China for its more modest outlook.
Why did Nike stock go down?
Investors are uninspired by the company's stalling sales. Shares of global athletic apparel company Nike (NKE 0.19%) dropped on Friday after the company dropped financial results for its fiscal third quarter of 2024. The company's results fell short of management's previous outlook.
Why has Nike dropped so much?
Nike (NKE) stock fell nearly 6% in after-hours trading Thursday as the athletic apparel company provided a sluggish outlook for revenue that offset a better-than-expected quarterly earnings report.
Why is Nike in loss?
Nike shares have lost 16% of their value over the last 12 months. Nike shares tumbled nearly 8% in early trade on Friday after the Air Jordan maker forecast a drop in sales in its first half as it replaces older styles with trendier sneakers in its fight for market share with newer brands.
Will Nike stock go back up?
Stock Price Forecast
The 29 analysts with 12-month price forecasts for Nike stock have an average target of 116.34, with a low estimate of 85 and a high estimate of 136. The average target predicts an increase of 23.61% from the current stock price of 94.12.
What's happening with Nike?
Nike sees year-over-year increase in revenue, drop in net income for third quarter. Nike's results for the fiscal 2023 third quarter came out Tuesday afternoon and showed revenue rising and net income dipping compared to the same period last year.
What is the problem with Nike in 2024?
Nike's projected sales growth of 1 percent in the fiscal year ending May 2024 means the company is on course to register its worst performance in 25 years, outside of the 2009 recession and the pandemic. The company updated its immediate guidance however, now projecting slight growth in its upcoming quarter.
What was the biggest issue with Nike?
Our research highlights allegations of forced labour in the Nike supply chain, gender discrimination towards female athletes and parents, and failure to ensure all employees receive a living wage.
Is Nike a good stock to buy?
Is Nike stock a Buy, Sell or Hold? Nike stock has received a consensus rating of buy. The average rating score is and is based on 84 buy ratings, 12 hold ratings, and 1 sell ratings.
Did Nike get in trouble?
Yes, the Nike sweatshop scandal involved human rights violations. Workers survive on a low minimum wage and are forced to work in an unsafe environment for long periods of time.
Is Nike losing business?
March 21 (Reuters) - Nike (NKE. N) , opens new tab warned on Thursday that its revenue in the first half of fiscal 2025 would shrink by a low single-digit percentage as the world's largest sportswear maker scales back on franchises to save costs.
What is the future of Nike stock?
The average price target is $111.92 with a high forecast of $130.00 and a low forecast of $81.00. The average price target represents a 19.09% change from the last price of $93.98.
Why did Nike stop selling shoes?
Selling goods on its own website and physical stores nets Nike more than double the profit it would receive from selling through wholesale partners. The company also gains much tighter control over the shopper experience and pricing.
Who owns the majority of Nike?
4 The co-founder of Nike, Phil Knight, and his son Travis Knight, along with the holding companies and trusts they control, own more than 97% of outstanding Class A shares. 5 This allows the Knight family to exercise effective control of Nike even though it is a publicly traded business.
Who owns Nike stock?
The ownership structure of Nike (NKE) stock is a mix of institutional, retail and individual investors. Approximately 64.90% of the company's stock is owned by Institutional Investors, 1.73% is owned by Insiders and 33.38% is owned by Public Companies and Individual Investors.
Is Nike stock Overvalued?
The intrinsic value of one NKE stock under the Base Case scenario is 68.39 USD. Compared to the current market price of 94.12 USD, Nike Inc is Overvalued by 27%.
What issue is Nike facing?
The company also faced a few challenges over the years. And here are a few of them: Nike has been accused of child labor, forced labor, low wages, and terrible working conditions. The brand's debt accumulation is estimated at $9.4 billion in November 2021, which is a 0.07 percent increase year on year.
Is Nike laying off employees in 2024?
Nike layoffs 2024: Company to cut 740 jobs, 2% of its total workforce.
What are Nike workers still complaining about?
Lack of faith in human resources, intimidation, vulgarity and allegations of inappropriate touching were among the repeated complaints made by female Nike employees in a self-administered 2018 survey, according to The Oregonian/OregonLive's review of responses.
Are Nike sales declining?
On Thursday, Nike announced that Nike brand digital sales dipped 3% year-over-year from the third quarter of fiscal 2023 to the third quarter of fiscal 2024.
Who are Nike's biggest competitors?
Nike competitors include Skechers U.S.A., adidas, New Balance, ASICS America and Steve Madden. Nike ranks 1st in Overall Culture Score on Comparably vs its competitors.
Why is Nike leaving China?
Nike NKE 0.0% : Nike has said that it is considering moving some of its manufacturing out of China to Southeast Asia to improve quality and reduce costs. Dell: Dell has announced that it will be moving some of its manufacturing out of China to Vietnam and Mexico to reduce costs and improve efficiency.
Is Nike in debt?
Total debt on the balance sheet as of November 2023 : $12.17 B. According to Nike's latest financial reports the company's total debt is $12.17 B. A company's total debt is the sum of all current and non-current debts.
What does Nike stand for?
The company was named after the Greek goddess of victory, Nike (Νίκη). Apart from its own brand, Nike market its products under Nike Pro, Nike+, Nike Golf, Nike Blazers, Air Jordan, Air Max and other as well as subsidiaries including brands Jordan, Hurley Int.
Who is the CEO of Nike?
John Donahoe, President & CEO - NIKE, Inc.
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