Nike Inc (NYSE:NKE) Short Interest Up 14.9% in August
Nike Inc (NYSE:NKE) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 8,845,400 shares, a growth of 14.9% from the July 31st total of 7,700,400 shares. Approximately 0.7% of the company’s stock are short sold. Based on an average daily volume of 6,330,000 shares, the days-to-cover ratio is currently 1.4 days.
NYSE NKE traded up $0.64 on Friday, reaching $88.31. 197,471 shares of the stock were exchanged, compared to its average volume of 5,378,353. Nike has a one year low of $66.53 and a one year high of $90.00. The firm has a market capitalization of $136.05 billion, a PE ratio of 35.54, a PEG ratio of 2.30 and a beta of 0.79. The company’s 50-day simple moving average is $83.77 and its two-hundred day simple moving average is $84.72. The company has a current ratio of 2.10, a quick ratio of 1.39 and a debt-to-equity ratio of 0.38.
Nike (NYSE:NKE) last released its earnings results on Thursday, June 27th. The footwear maker reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.04). Nike had a return on equity of 45.12% and a net margin of 10.30%. The firm had revenue of $10.18 billion for the quarter, compared to the consensus estimate of $10.15 billion. During the same quarter in the previous year, the business posted $0.69 EPS. Nike’s revenue was up 4.0% on a year-over-year basis. Sell-side analysts forecast that Nike will post 2.9 earnings per share for the current fiscal year.
In other news, Director Elizabeth J. Comstock sold 24,000 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $84.84, for a total transaction of $2,036,160.00. Following the sale, the director now owns 38,813 shares of the company’s stock, valued at approximately $3,292,894.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Elliott Hill sold 3,228 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $87.07, for a total transaction of $281,061.96. The disclosure for this sale can be found here. Insiders have sold a total of 194,637 shares of company stock worth $16,767,237 over the last three months. 3.80% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ibex Wealth Advisors bought a new stake in Nike in the first quarter worth $1,599,000. Menta Capital LLC purchased a new position in Nike during the first quarter worth $286,000. Icon Advisers Inc. Co. boosted its stake in Nike by 10.9% during the first quarter. Icon Advisers Inc. Co. now owns 193,453 shares of the footwear maker’s stock worth $16,291,000 after buying an additional 19,030 shares during the period. Oliver Luxxe Assets LLC purchased a new position in Nike during the first quarter worth $212,000. Finally, Shulman DeMeo Asset Management LLC purchased a new position in Nike during the first quarter worth $210,000. Institutional investors own 65.09% of the company’s stock.
A number of brokerages have recently issued reports on NKE. Canaccord Genuity reaffirmed a “buy” rating and set a $96.00 price target on shares of Nike in a report on Wednesday, June 19th. Stifel Nicolaus set a $96.00 price objective on shares of Nike and gave the stock a “buy” rating in a report on Wednesday, August 7th. Bank of America raised shares of Nike to an “underperform” rating and raised their price objective for the stock from $60.00 to $70.00 in a report on Monday, June 24th. Zacks Investment Research raised shares of Nike from a “sell” rating to a “hold” rating and set a $95.00 price objective on the stock in a report on Monday, May 27th. Finally, Credit Suisse Group reissued a “buy” rating and issued a $97.00 price objective on shares of Nike in a report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. Nike presently has an average rating of “Buy” and an average target price of $90.39.
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.
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