What happened 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. So what 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. Ault Global's shares give it a 6.4% stake in Naked Brand. It's unclear if the investment firm intends to propose strategic initiatives to Naked Brand's leadership team or plans to take a more passive approach. Now what Naked Brand's stock got caught up in the trading frenzy in so-called meme stocks earlier this year when traders hyped up certain companies on social media sites like Reddit in hopes of driving up their prices. From its lows near $0.07 in November, Naked Brand's shares soared as high as $3.40 by late January, before surrendering much of those gains. Management took the opportunity to sell shares to investors, raising $270 million in the process. That allowed Naked Brand to pay off all of its debt and bolster its cash reserves. The company intends to use this newfound cash to accelerate its transition from brick-and-mortar stores to a fully online business. 10 stocks we like better than Naked Brand Group Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Naked Brand Group Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source