Nike hits new 52-week low after Baird downgrade

$NKE has fallen to a new 52-week low of $36.45 after Robert W. Baird downgraded the stock from Strong Buy to Hold.
Nike is now down nearly 40% this year and approximately 78% from its 2021 levels, with shares trading at their lowest price since 2014.
The company is also scheduled to be removed from the S&P 100 on September 21 after an 18-year run in the index. The combination of index removal, analyst downgrades and continued price weakness adds to near-term pressure on the stock.