The stock isn't kneeling, it's rising...

Nike is successfully staging a turnaround, and its recent ad featuring former NFL player Colin Kaepernick is a subtle sign of its strength, according to Canaccord Genuity.

"After two years of a soft product cycle that led to increased inventory levels, higher discounting, margin compression, and market share declines, Nike has regained its footing and is solidly marching back to top form," Camilo Lyon, an analyst at Canaccord Genuity, said in a note sent out to clients on Tuesday.

Nike's bet on Kaepernick has paid off, at least among millennial investors, according to data from Robinhood, a no-fee brokerage popular among younger traders.

 A total of 15,191 investors added Nike to their portfolios last week through Thursday, up 45% from the prior week, according to Business Insider's tracking of the data.

Shares were up 30% this year through Tuesday. It's good to be in the Colin Kaepernick business. 

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