Naked Brand (NASDAQ:NAKD) stock is seeing a lot of movement this morning after undressing some details around a significant stakeholder.
Naked, a New Zealand-based underwear and swimwear brand, is an industry leader. In the last few months, it has been enjoying its status as a day trader favorite, getting a fair share of screentime among the r/WallStreetBets crowd. While it has fumbled a bit throughout February with hype dying down, it is back on trend and looking at solidifying a business model to spur growth. Its transition toward being an e-commerce-only brand is evident of that.
The company has enjoyed a 20% boost in morning trading. This comes Naked Brand disclosed a stakeholder with a 6.4% stake. That stake comes from Ault Global Holdings (NYSEMKT:DPW), a holding company based out of Nevada. The stake includes 41.1 million shares.
The Bottom Line on NAKD Stock Today
Some InvestorPlace contributors are pretty bearish on NAKD stock. The company had seen its ups and downs through the last three months, culminating in a 60% fall from its $1.56 February closing high. But, this announcement could drive NAKD right back to where it needs to be. A large stake in the company like this one can be enough to rally investors, and we can see that today. The company is ultimately up more than 200% year to date.
With trading volume accumulating this morning, it appears NAKD stock is continuing to rally. The news seems to be motivating investors who missed out or sold too quickly. Investors should pay attention to the brand as shares continue to approach the $1 once again.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.