Shares of athletic apparel maker Nike (NYSE:NKE) gained slightly in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2024. Earnings per share came in at $0.98, which beat analysts’ consensus estimate of $0.76 per share.
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Sales increased by 0.3% year-over-year, with revenue hitting $12.43 billion. This beat analysts’ expectations by $130 million.
Furthermore, NIKE Direct revenues increased slightly to 5.4 billion, while NIKE Brand Digital sales decreased 3%, on a reported basis. In addition, the company’s gross margin increased 150 basis points to 44.8%.
Is NIKE Stock a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on NKE stock based on 18 Buys, nine Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 14% decline in its share price over the past year, the average NKE price target of $121.59 per share implies 20.35% upside potential. However, it’s worth noting that estimates will likely change following today’s earnings report.
