Nike Stock Is Down 31% From Its High. Time to Buy?
Although shares of Nike (NYSE: NKE) are up 79% over the past five years, they dropped roughly 30% in 2022. With higher interest rates leading some experts to predict a recession in the near term, investors unsurprisingly soured on businesses that cater to consumers, whose spending could be seriously hampered in an economic downturn. The company has also dealt with its own set of challenges.
Nike shares are still down 31% from their all-time high set in November 2021, despite rising roughly 3% in 2023. Does this make the stock a buy right now?
In the latest fiscal quarter (the second quarter of 2023, ended Nov. 30), Nike's revenue of $13.3 billion showed a 17% year-over-year increase. On a constant-currency basis, the growth rate was 27%.
Source Fool.com
