Nike Shares Plummet to New 12-Month Low Amid Analyst Optimism

Nike Inc., (NYSE:NKE) hit a new 12-month low on Tuesday after reaching as low as $37.94 in trading.

The company's stock price closed at $37.9560 with a volume of 21,677,463 shares traded.

This drop comes despite analyst predictions that the shares could nearly double if management successfully restores growth.

Some analysts remain optimistic about Nike's future prospects, citing early signs of traction in China's market for running, football, and premium retail products.

The company's insider purchases also suggest confidence in the turnaround, with CEO Elliott Hill and other executives buying shares in recent months.