Shares of athletic footwear and apparel specialist Nike (NYSE: NKE) have gone over a cliff lately. Its recent quarterly results have raised concerns that the company's growth has evaporated, at least for the foreseeable future. And as the business isn't known for having low-priced products, investors may be worried about what may happen down the road, particularly if the economy falls into a recession.

But with shares of Nike now down more than 30% since the start of the year, has the stock become too cheap to pass up?

Nike's shares, like many of its products, have often commanded a premium. Investors have been willing to pay more for the consumer stock due to its strong brand and impressive growth over the years. Currently, however, it's trading at a price-to-earnings (P/E) multiple of just under 20. This is far lower than it has averaged over the past decade.

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Source Fool.com