In 2021, the bizarre ‘meme stock’ phenomenon hit the stock markets owing to the actions from investors belonging to the WallStreetBets community over at Reddit.
Many penny stocks experienced enormous gains on the back of their actions and one of those was the intimate apparel company Naked Brand Group Ltd (NASDAQ: NAKD). The stock has had a pretty bumpy ride so far this year but it also generated notable gains. The company, which now brands itself as an e-commerce operation, went from $1 a share at the start of 2021 to $3.50 a share in a few weeks.
However, the stock could not quite maintain that momentum and over the course of the past two months, it has declined progressively. While the stock may be trading at 64 cents a share, it should be noted that Naked Brands currently has a considerable amount of cash in its hands and it is debt-free as well. However, a lot is going to depend on the company’s transition into an e-commerce firm.
Finance and Entertainment Reporter
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