Shares of Nike reached an all-time high Friday afternoon, rebounding from a recent dip spurred by concerns about consumer boycott after the athletic apparel maker signed a high-profile deal with former NFL quarterback Colin Kaepernick.

The company's stock rose slightly on Friday, closing at $83.49. Since Nike announced the campaign on Labor Day, shares are up about 4 percent. Longer-term, Nike stock has surged 33 percent this year as Wall Street bet that the company would be able to ride out the negative publicity. Online sales of Nike gear jumped 31 percent from Sept. 2 through Sept. 4, nearly double the company's sales during the same period a year ago, according to Edison Trends, a digital commerce research company.

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.

In a recent client note, Svezia pointed out that Nike gained around 170,000 followers on Instagram in the wake of the campaign. The Kaepernick ad could become the company's most-liked Instagram post, drawing a record number of comments, although many of those remarks were critical of the company.