Nike (NKE) stock has plummeted by about 78% from its November 2021 peak of nearly $180 per share, currently trading at $38.50 per share, marking its lowest price in approximately 12 years. The stock is down about 40% year-to-date. Analysts attribute the decline to weak demand, sputtering revenue, high inflation, tariffs, and intense competition. Despite the significant drop, analysts believe Nike's P/E ratio of 18 is still too high given its sluggish earnings outlook, suggesting the stock has not yet bottomed.