Nike Hits One-Year Low After Analyst Downgrade Cites Weak Demand

Nike (NYSE:NKE) hit its lowest point in over a year after analysts downgraded the stock. The company's stock traded as low as $36.45 and last traded at $36.3660, with a volume of 2,654,744 shares changing hands.

The downgrade came from Robert W. Baird, which lowered its rating for Nike from 'strong-buy' to 'hold'. This is the latest in a series of negative analyst sentiment, as several other firms have also downgraded their ratings on Nike.

OneDigital Investment Advisors LLC raised its stake in Nike by 32.8% in the second quarter, while Deutsche Bank AG boosted its stake by 8.0%. Institutional investors own approximately 64.25% of the company's stock.