Warriors Victory May Signal The End Of Under Armour's Rally

Just as the NBA Finals began on June 1, so did the eight-day rally in shares of Under Armour Inc UAA.

From its May 31 close of $17.82, the stock reached $23.46 earlier in today's session. That marks the highest level for the issue since it bottomed at $17.21 on May 19.

See Also: Under Armour In The Midst Of An NBA Finals Rally

Based on Monday's closing price of $21.20, it has added nearly 19 percent from its May 31 close.

The stock appeared to get a boost from major television coverage offered by the NBA Finals, featuring the Under Armour brand sported by many of the victorious Golden State Warriors.

With its Q2 earnings report not out until July 25, the only catalysts in the near term may be upgrades from Wall Street analysts that have been few and far between since October. In fact, of the last nine ratings changes over this period of time, seven have been downgrades.