September Sell-Off: Is Nike a Buy While It's Down?
Investors have been high on Nike (NYSE: NKE) following its strong fiscal fourth-quarter earnings report in June. Heading into September, shares were up over 20% year to date, but the stock price has pulled back to where it is now up by roughly 7%.
Despite supply challenges, the business is humming right now. Revenue finished fiscal 2021 (which ended in May) up 23% over the previous year. But the market might be asking investors to pay too much relative to alternatives.
Nike store in Seoul, South Korea. Image source: Nike.
Source Fool.com
