Nike Inc. shares gained in late trading on 14 August after Pershing Square Capital Management LP disclosed a new stake in the world’s largest sportswear company.

The investment firm run by Bill Ackman revealed in a regulatory filing Wednesday afternoon that it holds about 3 million shares in Nike worth $229 million even as the retailer tries to turn around a sales slump.

Wall Street has questioned whether activist investors would get more involved at Nike, which in June had its worst day on record when management said revenue is expected to fall this fiscal year. Ackman said in 2022 that he’s done with being a loud corporate agitator and would instead employ a “quieter approach” with management.

Pershing Square’s filing didn’t say if the firm intends to seek changes at Nike. The company’s board is controlled by Nike co-founder Phil Knight, who with his son Travis owns nearly all the outstanding voting shares. 

Pershing Square has been involved with Nike before, making a $100 million profit in just a few months when it cashed out of a passive stake in 2018.

Nike stock jumped as much as 5.5% in late trading Wednesday following Pershing Square’s disclosure. The stock had fallen nearly 28% this year through Wednesday’s close.