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Nike (NKE) Stock Sinks As Market Gains: What You Should Know
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In the latest trading session, Nike (NKE - Free Report) closed at $100.18, marking a -0.89% move from the previous day. The stock fell short of the S&P 500, which registered a gain of 1.12% for the day. Meanwhile, the Dow experienced a rise of 0.61%, and the technology-dominated Nasdaq saw an increase of 1.54%.
The athletic apparel maker's shares have seen a decrease of 5.69% over the last month, not keeping up with the Consumer Discretionary sector's gain of 1.03% and the S&P 500's gain of 2.06%.
The investment community will be closely monitoring the performance of Nike in its forthcoming earnings report. The company is scheduled to release its earnings on March 21, 2024. The company is forecasted to report an EPS of $0.70, showcasing a 11.39% downward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $12.29 billion, down 0.82% from the year-ago period.
NKE's full-year Zacks Consensus Estimates are calling for earnings of $3.57 per share and revenue of $51.75 billion. These results would represent year-over-year changes of +10.53% and +1.04%, respectively.
Investors should also take note of any recent adjustments to analyst estimates for Nike. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been a 0.12% rise in the Zacks Consensus EPS estimate. Right now, Nike possesses a Zacks Rank of #3 (Hold).
In terms of valuation, Nike is presently being traded at a Forward P/E ratio of 28.29. For comparison, its industry has an average Forward P/E of 14.45, which means Nike is trading at a premium to the group.
Also, we should mention that NKE has a PEG ratio of 1.87. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Shoes and Retail Apparel was holding an average PEG ratio of 1.79 at yesterday's closing price.
The Shoes and Retail Apparel industry is part of the Consumer Discretionary sector. At present, this industry carries a Zacks Industry Rank of 234, placing it within the bottom 8% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Nike (NKE) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Nike (NKE - Free Report) closed at $100.18, marking a -0.89% move from the previous day. The stock fell short of the S&P 500, which registered a gain of 1.12% for the day. Meanwhile, the Dow experienced a rise of 0.61%, and the technology-dominated Nasdaq saw an increase of 1.54%.
The athletic apparel maker's shares have seen a decrease of 5.69% over the last month, not keeping up with the Consumer Discretionary sector's gain of 1.03% and the S&P 500's gain of 2.06%.
The investment community will be closely monitoring the performance of Nike in its forthcoming earnings report. The company is scheduled to release its earnings on March 21, 2024. The company is forecasted to report an EPS of $0.70, showcasing a 11.39% downward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $12.29 billion, down 0.82% from the year-ago period.
NKE's full-year Zacks Consensus Estimates are calling for earnings of $3.57 per share and revenue of $51.75 billion. These results would represent year-over-year changes of +10.53% and +1.04%, respectively.
Investors should also take note of any recent adjustments to analyst estimates for Nike. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been a 0.12% rise in the Zacks Consensus EPS estimate. Right now, Nike possesses a Zacks Rank of #3 (Hold).
In terms of valuation, Nike is presently being traded at a Forward P/E ratio of 28.29. For comparison, its industry has an average Forward P/E of 14.45, which means Nike is trading at a premium to the group.
Also, we should mention that NKE has a PEG ratio of 1.87. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Shoes and Retail Apparel was holding an average PEG ratio of 1.79 at yesterday's closing price.
The Shoes and Retail Apparel industry is part of the Consumer Discretionary sector. At present, this industry carries a Zacks Industry Rank of 234, placing it within the bottom 8% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.