Nike Stock Jumps 2.6% After CEO Elliott Hill Buys $1 Million in Shares, Signaling Executive Confidence
Summary
Shares of athletic apparel giant Nike, Inc. (NKE) surged 2.6% after CEO Elliott Hill disclosed an open-market purchase of 16,388 shares valued at over $1 million. This insider buying activity, which increased Hill's stake by nearly 7%, follows a similar move by Apple CEO and Nike board member Tim Cook. The executive purchases signal confidence in the company's future prospects, providing a boost to the stock despite a challenging two-year period where NKE recorded a total return of -37.77% and an annualized return of -21.11%.
Nike shares rose 2.6% after CEO Elliott Hill bought $1 million in stock. This insider purchase signals executive confidence despite a two-year total return of -37.77%. The move suggests management believes the stock is currently undervalued.
Key Takeaways
- CEO Elliott Hill purchased 16,388 shares, increasing his stake by nearly 7%.
- The stock's 2-year annualized return (CAGR) stands at a negative 21.11%.
- The insider buying follows a similar purchase by director Tim Cook one week prior.
Sentiment: Bullish
Executive purchases following poor performance often precede a positive stock reversal.
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