Why Naked Brand Group Stock Was Up More Than 15% on Tuesday

Shares of intimate apparel retailer Naked Brand Group (NASDAQ: NAKD) were up as much as 20% on Tuesday with traders from Reddit and Twitter piling into the stock. As of 3:40 p.m. EDT, shares were up 16% on the day.

Naked Brand Group was one of the meme stocks that soared back in January along with the mania in GameStop stock. Shares shot up almost 800% year to date last winter when traders from Reddit piled into the stock. The stock subsequently crashed from its highs, but still remains up 200% this year. The current share price is $0.58, making it a penny stock. Having such a low share price is likely why the stock continues to be popular among the day-trading crowd.

Image source: Getty Images.

Continue reading

Source Fool.com