Nike (NYSE:NKE) has been an outperformer for most of the last two decades. Thus, it's noteworthy that it's down 7% this year, while the S&P 500 is up 12% YTD. Patrick Ryan explains why you should buy the dip.Nike (NKE) was trading at $147 in January. The stock has since dipped down to $132. However, it remains higher on a longer timeframe.
Those who have been patiently waiting on the sidelines for NKE to slide have an attractive buying opportunity at the current moment. NKE could easily pop in the weeks ahead, moving back to the $150 level in anticipation of strong sales from the reopening of the economy, the return to school, and a spike in consumer spending. Nike's sales have been negatively impacted by the drop in foot traffic at retailers.
Where does NKE go from here? Will the stock break through its 52-week high or drop to the $120s or even lower? Let’s find out what the future has in store for this footwear powerhouse.