Uber shares rose 2% in the hours after Dara Khosrowshahi (CEO) announced that 200,000 shares were purchased on Friday at an average of $26.7276.

These shares were purchased in several transactions, at prices that ranged from $26.64 up to $26.775 per piece.

Purchases were valued at more than $5.3million in dollars.

Khosrowshahi recently told employees in an internal memo that the company plans to slash costs and “react accordingly” to the unexpected change in investor sentiment.

UBER’s shares have fallen 45% over the past year, as UBER is one of the most high-growth stocks in tech. This has been due to the increasing interest rate environment. The company has also suffered from rising fuel prices.