Tim Cook Buys Nike Stock At Bear-Market Extremes

Apple CEO Tim Cook bought another tranche of Nike shares in the open market, according to new insider filings. The purchase comes after roughly four years of share-price declines, with shares trading below Covid-era prices and at 2017 levels, pressured by softer demand in China and mixed channel trends in North America.

Cook made his second purchase of Nike shares this year, buying $2.95 million worth, equivalent to 50,000 Class B shares, at a weighted average price of $58.97 on Monday.

In total, Cook owns 100,000 shares and has been on a buying spree in the four-year bear market. Cook has been buying Nike shares since 2014 (mostly purchases late in the year).

Looking back at Cook’s share purchases during the four-year bear market, the stock did not sustain an upward trend immediately afterwards. Still, Bloomberg noted that shares were up about 2% in premarket trading on the news.

It’s important to note that sentiment around Nike shares is extremely bearish. Goldman Sachs analysts, led by Brooke Roach, said last week that she had become “incrementally cautious” following dismal earnings, particularly as demand in China continues to slide. The report can be found here.

If only there were a way for Nike to stop being so woke and get Chinese consumers to buy their Air Force 1s again.