TLDR
- Nike will be removed from the S&P 100 on September 21, ending an 18-year run in the index
- Dell, Palo Alto Networks, Arista Networks and SanDisk will take the spots of Nike and three other companies
- Nike’s market cap has fallen to around $57B, with fiscal 2026 revenue flat at $46.4B
- NKE stock opened at $38.39, near its 52-week low of $37.95, with a consensus analyst rating of “Hold” and average price target of $52.94
- Insiders sold over 26,000 shares in the last 90 days, while Washington Trust Advisors cut its stake by 49.4%
Nike (NKE) is being removed from the S&P 100 on September 21 as part of the index’s quarterly rebalance. The move ends nearly 18 years in the index for one of the world’s most recognized sportswear brands.
NKE stock opened at $38.39 on Monday, hovering just above its 52-week low of $37.95. The stock is down sharply from its 52-week high of $76.97.
Dell Technologies (DELL), Palo Alto Networks (PANW), Arista Networks (ANET) and SanDisk (SNDK) will replace Nike and three other outgoing companies. All four incoming names are from the technology sector, reflecting a broader shift in the index’s composition.
Nike will keep its place in the wider S&P 500, but the demotion from the S&P 100 is a clear sign of how far the company has slipped in terms of market weight.
Market Cap and Revenue Pressure
Nike’s market cap now sits at roughly $57 billion. Fiscal 2026 revenue came in flat at $46.4B, and key segments including Nike Direct, digital sales, and Greater China all posted declines.
Last quarter, Nike reported adjusted EPS of $0.20, beating the consensus estimate of $0.11. Revenue of $10.97 billion also came in slightly above the $10.85 billion estimate. But sales were still down 1.1% year over year.
The company has faced a mix of operational and branding headwinds. Product-category cuts, a push toward direct sales over wholesale, and weaker digital marketing have all been cited by analysts as contributors to the company’s struggles.
Store closures are adding to the picture. Nike is reportedly shutting 11 U.S. locations, continuing its effort to trim its retail footprint.
Inventory issues and reduced shelf space at some retailers have also added pressure on sales.
Analyst and Investor Sentiment
Analyst sentiment is mixed. The current consensus rating on NKE is “Hold,” with an average price target of $52.94. One analyst rates it a Strong Buy, twelve have Buy ratings, twenty say Hold, and four have issued Sell ratings.
Washington Trust Advisors cut its Nike position by 49.4% in Q2, selling 58,514 shares and retaining a stake worth around $2.46 million. Institutional investors still own 64.25% of the company overall.
On the other side, some larger institutions added to their positions. Capital World Investors grew its holding by 16.2% in Q4, and Harris Associates raised its stake by 72.3%.
Insider activity has leaned negative. Over the past 90 days, insiders sold more than 26,000 shares worth roughly $1.17 million. CFO Matthew Friend sold 2,463 shares on August 5 at $41.60 per share.
Nike declared a quarterly dividend of $0.41 per share, payable October 1, representing a 4.3% annual yield. The payout ratio currently stands at 78.47%.
The 50-day moving average sits at $41.58, while the 200-day moving average is $46.16, both well above the current price.
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