Naked Brand Group Jumps as Ault Takes 6.4% Stake

Ault Global disclosed that it held more than 41 million, or 6.4%, of Naked Brand Group's shares.
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Shares of Naked Brand Group  (NAKD) - Get Report jumped after the apparel and swimwear company disclosed that Ault Global Holdings DPW had taken a 6.4% stake.

Ault Global, an investment firm associated with crypto-linked stocks that has started originating loans collateralized with bitcoin and ethereum. holds more than 41.1 million shares of Naked Brand Group.

At last check Naked Brand Group, Auckland, New Zealand, was 20% higher at 74 cents a share. Ault Global recently was off 0.9% at $3.24.

Naked Brand was part of the retail-trading meme bump earlier this year. 

Read More: Mrs. Dow Jones Discusses How to Cautiously Invest in Meme Stocks

Read More: Dave Portnoy's Takeaway from Rise and Fall of Meme Stocks

Stocks fueled by retail investors on message boards like Reddit have caught the attention of casual Wall Street watchers and lawmakers. 

The Redditt-driven market frenzy began in earnest in January, when retail traders using the Reddit messaging board WallStreetBets and StockTwits and placing trades through free online trading apps like Robinhood ganged up on short sellers who'd taken positions in stocks like GameStop  (GME) - Get Report and AMC Entertainment  (AMC) - Get Report.

Short sellers bet that stock prices will decline.

Naked Brand shares in late October were trading at less than 7 cents each. In late January they'd run up as high as $3.40.

Read More: 'Meme' Stocks Soar as Message Board-Driven Mania Continues 

The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing entitled "Who Wins on Wall Street? GameStop, Robinhood, and the State of Retail Investing” in March. The meeting took testimony from a number of legal and financial industry experts.