Naked Brand Group Ltd (NASDAQ:NAKD) recently pivoted from being a lingerie company to an electric vehicle one and it seems that the switch has led to considerable interest for the company’s stock among investors.
Trading Data
On Monday, NAKD stock jumped 1.15% at $0.6875 with more 64.54 million shares, compared to its average volume of 72.95 million shares. The stock has moved within a range of $0.6700 – 0.7379 after opening trade at $0.7060.
Latest Development
The stock has jumped by 7% in the past week and that took its gains for the past month to as much as 15%. Naked Brands had announced that it was going to merge with an electric vehicle company in order to get into the sector. Recently, the electric vehicle company in question announced that it had concluded the testing of its vehicles in Europe.
That had been a major trigger behind the rally in the stock. However, in this situation it might be a sound move for investors to perhaps take a closer look at the nature of the merger that was announced earlier on in the month. The company announced at the time that it was going to have a reverse merger with Cenntro Automotive, an electric vehicle company.
Last week Cenntro announced that its vehicles had completed market validated testing in Europe and it was on course to get approval for the particular continent. It might be a good time to add Naked Brands to your watch lists.
Technical Data
NAKD stock is trading above the 20-Day and 50-Day Moving averages of $0.67 and $0.66 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.69. The stock is up 15% in the past month.
