Shares of Nike have been on the run over the past year and "Fast Money" Trader Dan Nathan of Riskreversal.com thinks there is a quick trade to make money on the stock.
Nike stock is up nearly 40 percent over the last year. Shares hit all-time highs just below $104 per share following its Q3 earnings results on March 19. However, the stock has lost some of the luster since then. "I think there's an interesting opportunity on the long side here to get back to those higher highs," said Nathan.
Nathan pointed to a stronger dollar, West Coast port delays and comparisons to last year's World Cup impact as potential headwinds that could hit Nike. But Nathan says the stock has found support at $100 over the past few trading days.
For a quick trade, he explained that he would buy the stock at about $100.50 and would be looking to sell at about $105.50. Importantly, he added that if the stock falls to $98.50 he would look to exit the trade. This move would mean risking only $2 a share for a potential gain of about $4 or $5 a share.
Follow Dan Nathan on Twitter @RiskReversal. Nathan owns a call spread in Nike.