Nike (NYSE:NKE) shares gained 2.2% in premarket trading on Thursday after chief executive Elliott Hill added to his holdings in the sportswear group.
Hill acquired 23,660.235 shares at a price of $42.265 each on April 13, according to a filing with the Securities and Exchange Commission. The purchase follows an investment of roughly $1 million he made in the company last year, while Tim Cook—who also sits on Nike’s board—previously bought about $3 million worth of shares.
The stock was trading at $44.98 in extended hours.
Last month, Nike warned of an unexpected decline in sales, pointing to softer demand in China and pressures linked to the Middle East conflict, posing a challenge to its ongoing turnaround strategy.
The company is also reportedly in exclusive negotiations to supply footballs for European men’s competitions, potentially displacing rival Adidas.