As recently highlighted, Nike Inc (NYSE: NKE) has become one of the most beaten-down names in the market. Shares are currently trading around $45, back to levels last seen in 2014 and down roughly 75% from their 2021 highs. This has been a multi-month decline that has gone from bad to worse, with the stock falling another 30% to fresh lows since the end of February alone.
That kind of move reflects a clear loss of confidence in the market, with investors no longer willing to give Nike the benefit of the doubt. The latest earnings report at the end of March reinforced that shift, with soft guidance and continued weakness in China adding to the pressure.
