Here’s Why NIKE (NKE) Stock Declined in the Third Quarter
Ensemble Capital Management, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed its benchmark, the S&P 500, after three consecutive quarters. The strategy declined 2.6% compared to a 4.9% decline for the S&P 500 Index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Ensemble Capital discussed stocks like NIKE, Inc. (NYSE:NKE) in the Q3 2022 investor letter. Headquartered in Beaverton, Oregon, NIKE, Inc. (NYSE:NKE) is a sportswear company that engages in the design, development marketing, and distribution of footwear, apparel, and other accessories. On October 17, 2022, NIKE, Inc. (NYSE:NKE) stock closed at $89.97 per share. One-month return of NIKE, Inc. (NYSE:NKE) was -12.16% and its shares lost 42.99% of their value over the last 52 weeks. NIKE, Inc. (NYSE:NKE) has a market capitalization of $140.766 billion.
Here is what Ensemble Capital specifically said about NIKE, Inc. (NYSE:NKE) in its Q3 2022 investor letter:
NIKE, Inc. (NYSE:NKE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 72 hedge fund portfolios held NIKE, Inc. (NYSE:NKE) at the end of the second quarter which was 67 in the previous quarter.
We discussed NIKE, Inc. (NYSE:NKE) in another article and shared the list of best-undervalued stocks to buy. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
