Naked Brands Group (NAKD) Stock Rockets Over 13% Today: Here is Why

Investors from the Reddit community WallStreetBets seem to have targeted the Naked Brands Group Ltd (NASDAQ:NAKD) stock this morning. The stock has rallied by 13% so far today as the investors look to get the price level past the $1 dollar mark.

However, at the same time, it is important to point out that the investors have not flocked to the Naked Brands stock just like that. On Thursday, Naked Brands was sent a delisting notice by NASDAQ since the stock price could not maintain an average price of $1 for 30 straight trading days.

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The company is going to continue to trade on NASDAQ and will have 180 days within which it can regain compliance. On the other hand, Naked Brands also had an extraordinary general meeting with shareholders regarding its aim to divest from its brick and mortar businesses. At this point, the stock seems to be flying on the back of the actions of Reddit investors.

Anthony Gonzales

Biotech, Tech, and Crypto reporter Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.