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Highlights
- The BBIG stock has surged by 121 per cent since the past week and it continues to surge.
- Vinco Ventures’ stock is gaining significant momentum since the past week despite no announcement or news from the company.
- The BBIG stock has surged by about 287 per cent year-to-date (YTD) and outperformed the NASDAQ Composite Index in the same period.
Stocks of Vinco Ventures Inc. (NASDAQ:BBIG) surged 76 per cent and was trading at US$ 9.34 per share as the market opened on Monday, August 30. The consumer stock has surged by 121 per cent since the past week and it continues to surge.
Last Thursday, August 26, the BBIG stock closed at US$ 2.93 and after that, it has skyrocketed as it jumped by 81 per cent and was priced at US$ 5.3 apiece after market close on August 27. The pre-market surge without any specific announcement or news from the company is being attributed to social media activity of retail investors and Vinco Ventures' interest in the cryptocurrency ecosystem.
All about Vinco Ventures , Inc. (NASDAQ:BBIG) and its stock performance
Vinco Ventures is a consumer product research and development company that works on the B.I.G principle. As per the company website, it focuses on a buy, innovate, and grow (B.I.G) strategy. This means, it acquires or seeks to acquire significant brands to expand its market presence, believes in innovation and ultimately keeps working on its growth plans.
With diversified business operations, Vinco Ventures is majorly involved in the production and distribution of toys, personal protective equipment and packaging materials in North America, Europe, and the Asia Pacific region.
It is relatively a small company with a market cap of over US$ 480 million, however, its stock is gaining significant momentum. The BBIG stock has surged by about 287 per cent year-to-date (YTD) and outperformed the NASDAQ Composite Index's relative growth of 229.6 per cent in the same period.
Also Read: Epik Prime: Where to buy the crypto & what is its price prediction?
One-year chart of stock performance, RSI and moving average multiple of Vinco Ventures (Source: EODHD/Others)
Why is BBIG stock surging?
There could be two reasons behind the recent surge in BBIG stock price. First, social media platform Reddit, which is known to cause a massive surge in share prices of lesser-known stocks might be behind the sudden spike.
Second, Vinco Ventures is getting involved in the non-fungible token (NFT) market. On August 4, the company said that its subsidiary Emmersive Entertainment will launch a music streaming NFT platform.
Also Read: Chembio (CEMI) is rising. A COVID stock to buy?
In Q2 2021, the company’s revenues decreased to US$ 2.69 million, reflecting a year-over-year (YoY) decrease of 48 per cent. Meanwhile, the net loss was US$ 183.89 million in the second quarter of this year compared to US$ 1.62 million in Q2 2020.
Bottom line
The BBIG stock seems like a highly volatile stock. On January 4, 2021, the stock’s 52-week low was US$ 1.11 and on January 21, BBIG clocked a 52-week high of US$ 9.4 per share.
The recent price movements indicate that Vinco Ventures’ stock could likely surpass the 52-week high on August 30, however, as there is no significant announcement from the company, BBIG stock prices could dip in the future.
