The previous week was a significant one for Vinco Ventures (NASDAQ:BBIG) as its stock experienced significant attention from investors and ended up with gains of as much as 10% for the week. It would likely remain on the radars of investors this week and hence, it may be a good time to take a look at the reason behind the rally.
Trading Data
On Friday, BBIG stock increased 4% to $2.89 with more than 11.91 million shares, compared to its average volume of 23.67 million shares. The stock moved within a range of $2.6900 – 2.8900 after opening trading at $2.81.
Key Details
Investors piled on to the stock in a big way because the record date for Cryptyde was last Friday. It had already emerged that Vinco Ventures was looking to spin Cryptyde off into a separate corporate entity with its dedicated management.
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After the completion of the spinoff process, Cryptyde would be solely focused on non-fungible tokens (NFTs) and cryptocurrency projects. In addition to the significant gains seen in the stock last week, the trading volume in the Vinco Ventures stock had also gone up considerably. The average daily volume in the stock stood at 23 million shares but at one point on Friday, the trading volume had hit a staggering 40 million shares. Hence, it is clear to see that the interest in Vinco Ventures had been significant.
Technical Data
BBIG stock is trading above the 20-Day and 50-Day Moving averages of $2.73 and $2.69 respectively. However, the stock is trading below the 200-Day moving average of $3.90.
