Nike Inc (NYSE:NKE, XETRA:NKE) shares moved higher before Wednesday’s opening bell on the news that board member Tim Cook purchased 50,000 shares of the company’s common stock.
According to a regulatory filing, the transaction was completed on December 22 at an average price of approximately $58.97 per share, for a total investment of about $2.95 million.
Following the purchase, Cook’s direct ownership in Nike increased to roughly 105,480 shares.
Cook, who also serves as CEO of Apple, is a longstanding member of Nike’s board of directors.
Shares of Nike added 2.8% at about $59 pre-market.