Nike (NKE) closed the latest trading day at $73.91, indicating a -1.31% change from the previous session's end. The stock trailed the S&P 500, which registered a daily gain of 0.4%. At the same time, the Dow lost 0.28%, and the tech-heavy Nasdaq gained 1.04%.

Shares of the athletic apparel maker have depreciated by 8.09% over the course of the past month, underperforming the Consumer Discretionary sector's gain of 5.04% and the S&P 500's gain of 0.62%.

Market participants will be closely following the financial results of Nike in its upcoming release. It is anticipated that the company will report an EPS of $0.64, marking a 37.86% fall compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $12.18 billion, down 9.01% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.74 per share and a revenue of $47.48 billion, representing changes of -30.63% and -7.55%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Nike. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Currently, Nike is carrying a Zacks Rank of #4 (Sell).

From a valuation perspective, Nike is currently exchanging hands at a Forward P/E ratio of 27.3. This represents a premium compared to its industry's average Forward P/E of 15.94.

We can additionally observe that NKE currently boasts a PEG ratio of 1.82. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The average PEG ratio for the Shoes and Retail Apparel industry stood at 1.41 at the close of the market yesterday.

The Shoes and Retail Apparel industry is part of the Consumer Discretionary sector. Currently, this industry holds a Zacks Industry Rank of 29, positioning it in the top 12% of all 250+ industries.