This year many penny stocks have recorded outsized gains on the back of concerted action of retail investors from the Reddit community WallStreetBets and one of those is Naked Brands Group Ltd (NASDAQ:NAKD).
The company’s business is in the doldrums as it is trying to make the painful transition from a brick-and-mortar operation to an online one. However, the remarkable rally in the stock earlier this year has provided Naked Brands management with the funding necessary to fashion this transition.
The stock went from only 40 cents a share to $1.50 a share in a matter of one day. On the other hand, the company’s management cashed in on the craze as well and made a share offering of 29.415 million shares for $1.70 each.
However, it should be noted that the stock is back trading at sub dollar levels. However, with the extra cash cushion in place, the company might find it easier to execute its plans, and hence, it might be worthwhile to keep the NAKD stock in the watch lists.
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Living in the era of dynamic tech change Asan decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring Finance) writing for technology and as well as finance has been one of the precious aspects of his life