NBA superstar LeBron James knows he’s on a winning team. The Los Angeles Lakers stud went to social media this week to react to Nike’s stock reaching an all-time high following NFL free agent Colin Kaepernick‘s Just Do It campaign launching.
King James went to Twitter this week to hype up Team Nike’s major W.
— LeBron James (@KingJames) September 14, 2018
According to reports, Nike stock went up over $80 this week for the first-time ever in its history.
Nike stocks closed at $83.47 Thursday for the first time ever just eight days after President Donald Trump declared that the company was “getting absolutely killed” because of “anger and boycotts” over its ad campaign. On Friday, shares closed in regular trading at $83.49, although the stock price slipped a bit in after-hours trading. (Huffington Post)
In addition to the stock leveling up, the iconic brand also experienced a huge jump in Instagram followers courtesy of the Kaepernick ad going viral.
Nike added roughly 170,000 Instagram followers around the timing of the release of its ad campaign, Wedbush Securities analyst Christopher Svezia said in a research note Friday. “Indeed, [Nike] management knows its American consumer well and the campaign featuring Mr. Kaepernick is a positive for the brand and likely its sales,” Svezia said. The company’s shares hit a record high of $83.90 on Thursday. Wedbush placed a 12-month price target of $90 a share on the stock. (CNBC)
Millennials are reportedly a key factor to Nike’s risky ad paying off.
The Kaepernick campaign, however, is resonating with the company’s core customer base, such as millennial and Generation Z men, “in a way that is authentic, culturally relevant, experiential and emotionally engaging,” according to Wedbush Analyst Christopher Svezia. (CBS News)