Naked Brand (NASDAQ:NAKD) is a meme stock considering most all of its gains at the start of this year resulted from retail investor chatter in Reddit. However, regardless of the meme-stock frenzy, NAKD made some big moves bringing it into play.
At the end of January, the stock had gained over 300%, but it later plunged, and since mid-April, NAKD has been treading water. The stock has gone through a rough patch with its status tarnished because of the meme frenzy and faces potential Nasdaq delisting, but there is potential long-term growth for those who can look beyond the volatility.
The company announced that it is pursuing a pure eCommerce strategy and considering it will save o the cost of tent payment for physicals space, and there is accelerated online shopping adoption. In addition, the company is looking to capitalize on its platform, brand and create new tech that meets consumer needs in the digital age. Therefore, as NAKD shifts to pure eCommerce plays, it is worth watching.
Market Reaction:
On Thursday, NAKD stock moved up 1.18% at $0.54 with more than 22.12 million shares, compared to its average volume of 64.92 million shares. The stock has moved within a range of $0.5250 – 0.5440 after opening the trade at $0.5250.
