Nike Inc ( NKE ) shares are trading higher in Wednesday’s after-hours session after hedge fund Pershing Square disclosed a new position in the iconic athletic footwear and apparel brand.

What Happened: According to a new 13F filing with the U.S. Securities and Exchange Commission released after the market close on Wednesday, Bill Ackman’s Pershing Square purchased a new stake in Nike ( NKE ) during the second quarter.

Pershing Square now owns approximately 3.04 million shares of Nike ( NKE ), worth approximately $230 million as of Wednesday’s close. Nike ( NKE ) shares were up 4.88% in after-hours trading at the time of writing, according to Benzinga Pro.

The Pershing Square filing comes after analysts at Gordon Haskett suggested that Nike ( NKE ) could be the next target for activist investors after Starbucks Corp ( SBUX ) shares surged on a CEO change earlier this week.

According to Benzinga Pro, traders were circling an unconfirmed report on Wednesday suggesting activists were pushing for former Deckers CEO Dave Powers to take over at Nike ( NKE ). Powers officially retired from Deckers on Aug. 1.

Pershing Square previously invested in Nike ( NKE ) in 2017, but the firm sold its stake about six months later, locking in a quick $100 million in profit, per CNBC.

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NKE Price Action: Nike ( NKE ) shares are down about 27% year-to-date. The stock was up 4.92% at $82.38 at the time of publication Wednesday, per Benzinga Pro.