After having gone through a fairly strong period, the Vinco Ventures (NASDAQ:BBIG) stock had a sharp correction on Thursday and declined by as much as 6%. Despite the relatively steep decline in the stock price on Thursday, it should be noted that the stock is still up by as much as 10% over the past week.
Trading Data
On Thursday, BBIG stock moved down 5.85% to $3.38 with 48.06 million shares, compared to its average volume of 33.96 million shares. The stock moved within a range of $3.3200 – 3.8300 after opening trade at $3.34.
Key Analysis
Yesterday, the stock came into focus among investors after it emerged that the company had managed to tie up a deal with former NBA star Shaquille O’Neal. It was a major announcement from the company but it did not lead to the sort of reaction that one might have hope for from the market participants.
The star is going to be part of the show Shaq’s Fun House, which is going to be broadcast before the telecast of the Super Bowl. The whole thing is going to be managed by the Lomotic entertainment network and shown on LoMoTV.
It is a live party that is going to be hosted by O’Neill. While the announcement was a significant one, it now remains to be seen if it can eventually lead to any kind of rebound today. It may be a good idea to keep the stock in your watch lists.
Technical Data
BBIG stock is above the 20-Day and 50-Day Moving averages of $3.22 and $3.01 respectively. However, the stock is trading below the 200-Day moving average of $4.17.
