The retailer's insiders picked up shares near the end of a rough year.
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Nike
shares rose 3% in premarket trading Wednesday after insiders picked up the stock near the end of a rough year.
CEO Tim Cook, who serves as a director at the athletic apparel maker, added around 50,000 Nike shares, an approximately 90% increase in his stake, according to financial data provider Verity.
Fellow board member Robert Holmes Swan added roughly 8,700 shares, per Verity. That marked a 24% expansion to the former eBay
The market and Jim Cramer applauded the move.
Shares of the Club's newest position added more than 4% in extended trading Tuesday.
Nike is a growing Street favorite as more analysts join Jim Cramer in signalling confidence in CEO Elliott Hill.
Nike CEO Elliott Hill is " working his butt off," Jim said on "Squawk on the Street."
Nike investors finally have an answer from CEO Elliott Hill about how long its turnaround plan will take, boosting confidence…
The big post-earnings drop in Nike shares is a big opportunity.
