After experiencing a double-digit decline in Nike’s share price since the company reported its fiscal second quarter results, NKE shares rose in the low single-digits overnight on news that Apple CEO Tim Cook took advantage of the lower share price and jumped in with a ~$3 million purchase of NKE shares on Monday, December 22.
Cook, who is the lead independent director of Nike and a board member since 2005, bought 50,000 shares at an average price of $58.97, according to a Form 4 filing with the Securities and Exchange Commission on Tuesday, December 23.
Shares closed on December 23 at $57.34 per share but are poised to move higher as Cook’s latest purchase makes headlines.
Cook has accumulated over 105,000 shares of the athletic footwear and apparel giant.
Nike shares were down over 24 percent year-to-date through Tuesday, December 23, but Cook’s vote of confidence may signal to others that the company’s turnaround is on the horizon.
Image courtesy Nike, Inc.
