This week, Nike’s stock price increased by 2% yesterday, but it is down by 8.5% this month. Is this a bad sign for Nike’s investors, or does this subtly announce another bullish run?
Nike stock price has lost investors’ attention recently. Up from $162.6 a month ago, the stock price is trading at about $148.8 as of this writing. This may be a great opportunity to buy on a dip, based on some recent news.
If you want to find out why you should add Nike to your portfolio, keep reading.
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What Is Nike?
Nike is one of the most popular footwear and apparel brands on the market. It is also the largest supplier of athletic shoes in the world, with more than $37.4 billion in revenues in 2020.
Should I Buy Nike Today?
Footwear and apparel companies like Adidas and Nike have been in a bearish trend lately. This was because of supply chain issues that put pressure on the stock price. Yet, if we compare Nike to its competitor, Adidas, the decrease wasn’t so bad – Adidas dropped 12%, while Nike only 8%.
The bearish price pattern was interrupted by some great news. Up to 10,000 U.S. teens were interviewed, placing Nike as the most favourite brand for apparel and footwear. This led to bullish price action in the market, boosting the share price from $147.13 on Monday to $150.6 on Tuesday when the report was released.
Will Nike manage to recover this loss? It may depend on whether the company can shake off the losses associated with Vietnam’s pandemic restrictions which caused the supply chain disturbances in the first place. About 50% of Nike’s shoes come from Vietnam, so this could remain a significant bottleneck for future performance.
Nike Price Prediction 2021
Nike’s highest price target is $214, an increase of about 43.8% in the next 12 months, and a low estimate of $154, which represents an increase of 3.5% compared to its share price as of this writing.
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