Nike (NYSE:NKE) stock is down about 34% in 2024 so far. The decline is primarily due to intense competition in the athletic footwear market and softer consumer spending trends. Despite this drop in share price, individual investors maintain a Very Positive view of the company. This suggests that these investors are capitalizing on the dip to take long positions in NKE stock.
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According to TipRanks data, the number of portfolios holding the stock increased by 14.5% in the last 30 days. Overall, among the 746,050 portfolios monitored by TipRanks, 1.5% have invested in Nike stock.
Learn more about TipRanks’ powerful Investor Sentiment tool here.
Nike provides athletic footwear and apparel globally. For a thorough assessment of the stock, go to TipRanks’ Stock Analysis page.
Not Just Investors
It is worth highlighting that, apart from the investors, hedge fund managers and bloggers are also bullish on the company. Based on the Blogger Opinion tool, we can see that out of the 100 bloggers tracked by TipRanks, 75% of them are optimistic, which is higher than the sector average, as shown below.
Furthermore, the Hedge Fund signal remains Very Positive for Nike stock. TipRanks data shows that hedge fund managers, including Bridgewater Associates’ Ray Dalio, bought 6.4 million shares of the company in the last quarter.
Is Nike Stock a Buy, Sell, or Hold?
Overall, Wall Street is cautiously optimistic about Nike’s prospects. It has a Moderate Buy consensus rating based on 13 Buy, 17 Hold, and two Sell recommendations. The analysts’ average price target on NKE stock is $92.48, implying a 29.69% upside potential from current levels.
