The stock of NIKE, Inc. (NYSE:NKE) is now priced at $114.84 and the shares are 2.95 points up or 2.64% higher compared to its previous closing price of $111.89. The stock had 4.826 million contracts set over the past session. NKE shares’ daily volume is compared to its average trading volume at 0.006 billion shares. However, it has a float of 1240 million and although its performance was 2.99% over the week, it’s one to watch. Analysts have given the NKE stock a yearly average price target of $112.79 per share. It means the stock’s downside potential is -1.79% with the NKE share price recently placing at $111.83 to $114.9. However, some brokerage firms have priced the stock below the average, including one that has called $87.
The shorts are running away from the NIKE, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the NKE shares have declined. Short interest in the stock represents just 0.82% of its float, but the volume has dropped by 0.
In the last trading session, NIKE, Inc. (NYSE:NKE) raised by $3.33 over the week and gained $17.51 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $114.9. The stock recorded its established 52-week high on 09/01/20.
Since 03/18/20, the stock has traded to a low of $60 at 91.4%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.83. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, NIKE, Inc.’s two-week RSI is 76.24. This suggests that the stock is oversold at the moment and that NKE shares’ price movement remains not stable. The stochastic readings are equally revealing at 94.84% meaning the NKE share price is currently in oversold territory.
The technical chart shows that the NKE stock will likely settle at between $115.88 and $116.93 per share. However, if the stock dips below $112.81, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $110.79.
Currently, the stock is trading in the green of MACD, with a reading of 1.62. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Susquehanna though raised target price of NKE stock from $130 to $150 but maintained Positive recommendation in their August 19 review. Morgan Stanley analysts see the stock as a Overweight, but they also raised the share’s target price from $119 to $121 in a flash note released to investors on July 01. Wells Fargo analysts see the stock as Overweight. Nonetheless, the analysts revised the share prices down on June 26, placing it at $110 from $99.
The average rating for the NKE equity is 1.97 and is currently gathering a bullish momentum. Of 34 analysts tracking NIKE, Inc. polled by Reuters, 6 rated NKE as a hold. The remaining 28 analysts were split evenly. However, the split wasn’t equal as a majority (27) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the NKE stock price is 34.72X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 71.8 above the group’s average of 64.3. NIKE, Inc. has its P/E ratio at 22.2, which means that the stock is currently trading at a premium relative to the 11.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for NIKE, Inc. (NYSE:NKE) will increase by about 41.5%, which will see them reach $8940 million. The company’s full-year revenues are, however, expected to increase by about 4.79%, up from $37400 million to $39200 million. NKE’s expected adjusted earnings should drop almost -52.33% to end up at $0.41 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 46.25% to record $2.34/share.