What's Going On With Nike Stock Tuesday?

Nike Inc NKE shares are in the spotlight Tuesday ahead of earnings after the bell. Here's what you need to know before the report.

What To Know: Nike is due to report fiscal first-quarter earnings results after the market close on Tuesday. The athletic footwear and apparel company is expected to report earnings of 52 cents per share and revenue of $11.646 billion, according to estimates from Benzinga Pro.

Nike turned in mixed results in its most recent quarter, reporting revenue of $12.6 billion versus estimates of $12.9 billion and adjusted earnings of $1.01 per share versus estimates of 85 cents per share.

Shares traded lower following the report as Nike highlighted near-term challenges and said it planned to take actions to increase its competitiveness and drive profitable long-term growth. The stock hit 52-week lows in the days that followed as analysts weighed comments about headwinds continuing into fiscal 2025.

Nike stock then bounced off the lows in mid-August when Bill Ackman's Pershing Square disclosed a new stake in Nike. Shares continued to trend higher after the company announced a CEO transition last month. CEO John Donahoe will retire from his role as president and CEO of Nike, effective Oct. 13. Longtime Nike veteran Elliott Hill will take over on Oct. 14. 

Don’t Miss: Stock Of The Day: Nike Support Level Due To Important Market Principle

Several analysts came out with updates following the CEO change announcement. Analysts have continued to weigh in on Nike leading up to earnings.

Telsey Advisory Group maintained an Outperform with a price target of $100, JPMorgan maintained a Neutral rating and price target of $80, BofA Securities reiterated Buy and maintained a price target of $104, Morgan Stanley maintained an Equal-Weight rating and raised its price target to $82 and Truist Securities reiterated Hold with a price target of $85.

A day ahead of Nike’s earnings report, Jefferies analyst Randal Konik maintained Nike with a Hold and raised the price target from $80 to $85.

“We believe investor expectations for F1Q are fairly low, as foot/web traffic data has remained soft and competitors continue to gain share,” the Jefferies analyst said.

NKE Price Action: Nike shares were up 0.72% at $89.02 at the time of publication, according to Benzinga Pro.

Photo: Shutterstock.