Nike Insiders Buy 64,000 Shares for $2.7 Million

Nike executives and board members, including Apple CEO Tim Cook, purchased more than 64,000 shares of the company's stock last week, signaling confidence in its future amid ongoing challenges. The transactions, disclosed in regulatory filings, totaled around $2.7 million and contributed to a more than 2 percent rise in Nike's shares during early trading Wednesday, reaching $45.41.

The most notable buys included Cook, who serves as a Nike director, acquiring 25,000 shares on April 10 at an average price of $42.43, for approximately $1.06 million. This increased his holdings to 130,480 shares. Nike President and CEO Elliott Hill followed with a purchase of 23,660 shares on April 13 at $42.27 each, costing about $1 million and bringing his total ownership to 265,247 shares. Director John W. Rogers Jr., founder of Ariel Investments, bought 4,000 shares on April 9 for roughly $173,360, while fellow director Robert Swan acquired 11,781 shares on April 7 for nearly $500,000. These open-market transactions occurred as Nike's stock traded near its 12-year low of $42.09, with shares closing Tuesday at $44.19 after a 2 percent gain in after-hours trading.