Naked Brand (NASDAQ:NAKD) stock is taking off on Wednesday as investors hope shares can fly high enough to regain compliance.
Naked Brand is currently at risk of being delisted from the Nasdaq Exchange as it hasn’t been able to maintain the $1 per share price to stay compliant. However, it looks like that could change as investors are pushing the stock up higher and closing in on the $1 price.
All of this comes as retail investors over on Reddit WallStreetBets are taking positions in stocks targeted by short-sellers. This has them rocketing these stocks higher, which is resulting in losses for the short-sellers, but gains for WSB.
The most recent news surrounding r/WallStreetBets comes today as investors from the forum have been pushing users to hold several new stocks. That includes AMC Entertainment (NYSE:AMC) this morning, Eastman Kodak (NYSE:KODK) not long after that, and finally, a recent surge for shares of Tootsie Roll (NYSE:TR) stock.
It’s incredibly likely that NAKD stock is also seeing gains in connection with these other stock’s increasing. One of the catalysts that draws in WSB investors is recent good news from a company. In the case of Naked Brand, it recently announced plans to refocus its business on e-commerce and expand its digital storefront.
NAKD stock has traded more than 960 million shares as of this writing. That’s a massive increase over the stock’s daily average trading volume of 150 million shares.
NAKD stock was up 82.5% as of noon Wednesday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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