Nike Stock Hits Rock Bottom Amid Sluggish Turnaround

Nike's stock price has been plummeting over the past few years, reaching its lowest level since September 2024 at $38.94, down by over 78% from its highest point on record.

The company's turnaround strategy, dubbed 'Win Now', aimed to clean up inventory, intensify sports business, rebuild wholesale partnerships, and increase product innovation, but results have been sluggish with revenue down and the NIKE Brand remaining flat.

Analysts are pessimistic about Nike's future, with JPMorgan's Matthew Boss slashing his rating from neutral to underweight and cutting the target from $47 to $40.

The company has dropped below all moving averages and its Relative Strength Index (RSI) is at 32, indicating that it is not yet oversold and may have more downside to go.