Why Nike Shares Are Moving Higher Today

Nike Inc NKE is trading higher Tuesday after the company announced better-than-expected fiscal second-quarter 2022 financial results.

Nike reported quarterly earnings of 83 cents per share, which beat the estimate of 63 cents per share. The company reported quarterly revenue of $11.36 billion, which beat the estimate of $11.25 billion. 

"Nike's strong results this quarter provide further proof that our strategy is working, as we execute through a dynamic environment," said John Donahoe, president and CEO of Nike. "We are now in a much stronger competitive position today than we were 18 months ago."

Truist Securities analyst Beth Reed maintained Nike with a Buy rating and raised the price target from $190 to $196.

Related Link: Nike: Q2 Earnings Insights

NKE Price Action: Nike has traded as high as $179.10 and as low as $125.44 over a 52-week period.

The stock was up 3.84% at $163.01 at time of publication.

Photo: grailify from Pixabay.