Nike, Dick's Sporting Goods, Greenland Mines Plunge to 52-Week Lows Amid Weak Demand and Price Cuts

Nike (NKE) and Dick's Sporting Goods (DKS), along with Greenland Mines (GRML), plummeted to 52-week lows on Wednesday due to company-specific catalysts, Wall Street price target cuts, and a large public offering.

NKE stock fell more than 2% at close after DKS highlighted weaker demand at its footwear retail brand Foot Locker. This weakness spread across the athletic apparel and footwear industry, with Truist downgrading Nike to 'Hold' from 'Buy' with a price target of $42, down from $47.

DKS stock declined to an annual low during trading hours amid concerns over footwear demand and price-target cuts, but closed up more than 4%. The company posted Q2 sales of $5.59 billion, below analysts’ estimates, while earnings came in at $3.53 per share, also missing Wall Street expectations.

GRML stock plummeted 48% at close on Wednesday after it announced a heavily discounted public share offering worth $20 million. The mining company plans to use the proceeds to fund its acquisition of the Sarfartoq rare-earth project and meet working capital and general corporate expenses.