Naked Brand' s (NASDAQ: NAKD) stock price rose Friday after the swimwear and intimate apparel company said that Ault Global Holdings had purchased more than 41 million of its shares. By the close of trading, Naked Brand was up 2.2% after rising as much as 24.2% earlier in the day.
Ault Global bills itself as a diversified holding company that invests in "undervalued assets and disruptive technologies with a global impact." It often takes an activist approach. "We purchase companies we believe we can operate more effectively than incumbent management," the company says on its website.
Shares of Naked Brand rose sharply Friday before pulling back. Image source: Getty Images.
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Here's Why Naked Brand Group Stock Spiked Today