Nike (NKE) stock has closed in the red for three consecutive years. While the drop in 2022 can be attributed to weakness in the broader market, U.S. stocks were pretty strong in 2023 and 2024, with the S&P 500 Index ($SPX) rising by over 20% each year.
Nike stock peaked in November 2021 and trades at less than half its record highs. As is the case for most underperforming stocks, Nike is also trying to turn around the business. In this article, we’ll discuss whether Nike is a good turnaround stock to buy or whether investors should avoid this underperformer.
