NAKD Stock: Naked Brand Shares Rocket Fueling $1 Compliance Dreams

Naked Brand (NASDAQ:NAKD) stock is taking off on Wednesday as investors hope shares can fly high enough to regain compliance.

a man and woman wear plain white underclothes from Naked Brand (NAKD)

Source: Shutterstock

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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