Nike Inc. (NKE) shares rose 1.6% in after-hours trading following a major insider disclosure. CEO Elliott Hill purchased approximately $1 million worth of the company's stock.
According to a regulatory filing, Hill acquired 16,388 shares. The transaction took place on December 29 at an average price of $61.10 per share.
This personal investment signals the chief executive's confidence in the athletic apparel giant’s future prospects and turnaround strategy, following recent stock challenges. The purchase adds to Hill's direct holdings, increasing his total stake to 241,587 shares.