Nike Stock Rises After CEO Hill Buys $1 Million in Shares

Nike stock rose 1.6% in morning trading following disclosure that CEO Elliott Hill purchased around $1 million worth of company shares.

According to a regulatory filing with the Securities and Exchange Commission, Hill acquired 16,388 shares at an average price of $61.10 per share on December 29. The transaction increased the chief executive’s direct holdings to 241,587 shares.

The purchase comes as Nike shares have struggled in recent months amid challenging market conditions. Hill’s investment represents a significant personal financial commitment to the athletic apparel giant he leads.

The filing also revealed separate transactions by Nike’s Chairman Emeritus Philip Knight, who acquired 4.5 million Class A convertible shares through a private distribution from Swoosh, LLC. Knight’s total beneficial ownership stands at over 8.3 million Class B common shares directly, with additional indirect holdings.

Nike has been implementing strategic initiatives to revitalize growth and strengthen its competitive position in the global sportswear market. The CEO’s share purchase may signal confidence in the company’s future prospects and current valuation.