Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Nike, Inc. shares valued at $17,679,690 were sold by PARKER MARK G on Feb 14 ’24. At $105.00 per share, PARKER MARK G sold 168,378 shares. The insider’s holdings dropped to 1,178,845 shares worth approximately $104.92 million following the completion of this transaction.
Also, Matheson Monique S. sold 10,000 shares, netting a total of over 1,190,000 in proceeds. Following the sale of shares at $119.00 each, the insider now holds 44,736 shares.
Before that, PARKER MARK G had sold 58,091 shares from its account. In a trade valued at $5,785,864, the EXECUTIVE CHAIRMAN traded Nike, Inc. shares for $99.60 each. Upon closing the transaction, the insider’s holdings decreased to 58,091 shares, worth approximately $111.75 million.
As published in a research note from Telsey Advisory Group on March 22, 2024, Nike, Inc. [NKE] has been retained to an Outperform and the price target has been revised to $115. Analysts at RBC Capital Mkts downgraded the stock from ‘”an Outperform”‘ to ‘”a Sector perform”‘ outlook in a report released in late March. As of March 18, 2024, Telsey Advisory Group has reiterated its “an Outperform” rating for NKE. Earlier on February 16, 2024, Oppenheimer downgraded its rating. Their new recommendation was “a Perform” for NKE stock which previously was a “an Outperform”.
Analyzing NKE Stock Performance
During the last five days, there has been a drop of approximately -1.47%. Over the course of the year, Nike, Inc. shares have dropped approximately -18.03%. Shares of the company reached a 52-week high of $107.85 on 01/02/24 and a 52-week low of $88.77 on 04/10/24. A 50-day SMA is recorded $99.50, while a 200-day SMA reached $103.70. Nevertheless, trading volume fell to 7.9 million shares from 7.19 million shares the previous day.
Support And Resistance Levels for Nike, Inc. (NKE)
According to the 24-hour chart, there is a support level at 88.48, which, if violated, would cause prices to drop to 87.96. In the upper region, resistance lies at 89.81. The next price resistance is at 90.62. RSI (Relative Strength Index) is 31.13 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.21, which suggests the price will decrease in the coming days. Percent R is at 98.25%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Nike, Inc. subject to short interest?
Stocks of Nike, Inc. saw a sharp rise in short interest on Mar 15, 2024 jumping by 1.73 million shares to 17.26 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 15.53 million shares. A jump of 10.02% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.01 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.01.
