The past few days have been quite a ride for investors in the Vinco Ventures (NASDAQ:BBIG) stock. Yesterday the stock was in the middle of a strong selloff and had ended up with declines of as much as 13% as a consequence.
Trading Data
On Thursday, BBIG stock slid 13.25% to $3.93 with more than 90.36 million shares, compared to its average volume of 29.01 million shares. The stock has moved within a range of $3.8400 – 4.4100 after opening trade at $4.18.
Key Trigger
However, despite the fall on Thursday, it should be noted that the Vinco Ventures stock is still up by as much as 35% over the course of the past week. In this situation, it may be a good idea to take a closer look at the company and then come to a decision about the stock one way or another.
At this point, it should be noted that the company has moved into a range of businesses. Last year, it had made the headlines after a cash plus stock deal for the acquisition of AdRizer LLC for a sum of $108 million. Last on in October, the company changed its name to ZASH with the intention of making it clearer that it was trying to compete with TikTok.
However, at the same time, Vinco also entered into the Bitcoin mining machine business through its subsidiary Cryptyde. At this point, it seems that Vinco is not particularly focussed on any single business and that may put off investors.
Technical Data
BBIG stock is above the 20-Day and 50-Day Moving averages of $3.30 and $3.22 respectively. However, the stock is trading below the 200-Day moving average of $4.11.
