The free fall in the Vinco Ventures Inc (NASDAQ:BBIG) stock continued yesterday and seemed a touch alarming as the stock ended the day with a decline of as much as 7% amidst a strong selloff. However, in this context, it is also necessary to note that the decline on Thursday took the losses suffered by the stock in the past week to as much as 21%.
Trading Data
On Thursday, BBIG stock fell 7.14% at $2.86 with more than 25.82 million shares, compared to its average volume of 31.95 million shares. The stock has moved within a range of $2.7700 – 3.0799 after opening trade at $3.06.
Key Analysis
It should be noted that there was no news about the company yesterday that might have led to the selloff but it may be a good time to take a look at what Vinco Ventures has been doing in recent times.
Last October, the company had changed its name to ZASH and since then it has made a push into some of the more popular trends in the crypto space.
Vinco went into the NFT or non-fungible token space with the launch of its NFT marketplace last year and prior to that, it had also managed to pick up a majority stake in the company Lomotif. Lomotif is a company that is looking to compete with TikTok in the short video clip space. It will be interesting to see if the stock can actually make a comeback today.
Technical Data
BBIG stock is below the 20-Day and 50-Day Moving averages of $3.18 and $3.08 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.13.
