NIKE (NYSE:NKE) Shares Gap Down - What's Next?

NIKE, Inc. (NYSE:NKE - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $64.96, but opened at $56.37. NIKE shares last traded at $56.96, with a volume of 15,738,890 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NKE. Truist Financial dropped their price target on NIKE from $90.00 to $82.00 and set a "buy" rating for the company in a research note on Friday, March 21st. Bank of America decreased their price objective on shares of NIKE from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, December 20th. Dbs Bank upgraded shares of NIKE from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 5th. Robert W. Baird lowered their price target on NIKE from $105.00 to $99.00 and set an "outperform" rating for the company in a report on Friday, March 21st. Finally, Telsey Advisory Group restated a "market perform" rating and set a $80.00 price objective on shares of NIKE in a research note on Monday, March 17th. Fifteen analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, NIKE currently has an average rating of "Moderate Buy" and an average target price of $87.38.

NIKE Price Performance

The firm has a market capitalization of $82.26 billion, a price-to-earnings ratio of 17.17, a PEG ratio of 2.52 and a beta of 1.15. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The business has a 50-day moving average price of $72.96 and a two-hundred day moving average price of $76.27.

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NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.26. The company had revenue of $11.27 billion during the quarter, compared to the consensus estimate of $11.02 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The company's revenue for the quarter was down 9.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.98 earnings per share. As a group, research analysts forecast that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd were issued a dividend of $0.40 per share. The ex-dividend date was Monday, March 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.88%. NIKE's dividend payout ratio (DPR) is presently 53.16%.

Insider Buying and Selling

In related news, Director Robert Holmes Swan acquired 8,600 shares of NIKE stock in a transaction that occurred on Friday, April 4th. The stock was acquired at an average price of $58.46 per share, with a total value of $502,756.00. Following the completion of the acquisition, the director now directly owns 31,983 shares of the company's stock, valued at $1,869,726.18. This trade represents a 36.78 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Mark G. Parker sold 169,732 shares of the firm's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the transaction, the chairman now directly owns 896,632 shares in the company, valued at approximately $65,301,708.56. The trade was a 15.92 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company's stock.

Institutional Trading of NIKE

Institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its holdings in NIKE by 8,726.9% during the first quarter. GAMMA Investing LLC now owns 1,325,272 shares of the footwear maker's stock worth $84,128,000 after purchasing an additional 1,310,258 shares in the last quarter. Exeter Financial LLC increased its position in shares of NIKE by 14.4% during the 1st quarter. Exeter Financial LLC now owns 5,135 shares of the footwear maker's stock valued at $326,000 after purchasing an additional 645 shares during the period. Quent Capital LLC raised its stake in shares of NIKE by 16.2% in the 1st quarter. Quent Capital LLC now owns 2,631 shares of the footwear maker's stock worth $167,000 after buying an additional 366 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of NIKE by 156.6% in the first quarter. Versant Capital Management Inc now owns 6,017 shares of the footwear maker's stock valued at $382,000 after buying an additional 3,672 shares during the period. Finally, Jacobs & Co. CA boosted its stake in NIKE by 1.7% during the first quarter. Jacobs & Co. CA now owns 159,631 shares of the footwear maker's stock valued at $10,133,000 after buying an additional 2,676 shares in the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

About NIKE

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.