Shares of the Vinco Ventures, Inc. (BBIG) stock were gloomy in the current market trading session today on January 19, 2022. BBIG stock price saw a downtrend of 3.29% to drop at $5.02 a share at the time of this writing. The stock was green in the previous trade and went up by 27.52% at closing. Let’s have a deep look at the current bearish momentum of this stock

What’s Happening with BBIG stock?

BBIG stock became hot among the investors for the past 5 consecutive days due to positive Reddit sentiment.  The surge that began in the last week following the rumors in the vein of the Cryptyde spinoff, attracted many investors which caused significant gain in the per-share price of the BBIG stock. The current bearish momentum looks like the reaction of the profit takers as we find no press release or announcement in recent times.

Vinco Ventures is operating as a tech holding company incorporated in 2017. The company is involved in the research and development of consumer products in North America, Asia Pacific, and Europe. The company in October replaced its name with ZASH, however, the new name is not popular on the financial platforms yet. BBIG stock has a current market cap of 705.23 million and 27,632,651 average trading volume.

Recent Developments of BBIG stock

Vinco Ventures through its joint venture with ZASH Global Media and Entertainment Corporation completed the 80% interest acquisition in Lomotif Private Limited.

Lomotif has been launched in India after the beta test in the third quarter. The platform worked with Social Kyte, a famous influencer platform in India consisting of more than 90,000 members of influencers. India is the largest target market for Lomotif which will certainly help in its growth.

Financial View of the BBIG stock

• According to the third quarter of 2021, the company experienced an 11.5%decline in its revenue. The revenue in the third quarter of 2021 was $2.23 million as compared to $2.52 million in the same quarter of last year.
• Gross profit margin declined 31.4% in the third quarter of 2021 of the BBIG stock from 40.3% in the prior year same quarter.
• The company spent $25.9 million in selling, general and administrative expenses in the third quarter of 2021. These expenses also include $6.2 million in stock-based compensation and $6.2 million in operating expenses.
• The net loss of the BBIG stock was $542.5 million in the last reported quarter, compared to $2.8 million in the same quarter of last year.

Wrap Up

The positive momentum of the BBIG stock that began in the last week has broken today in the current market. The stock has shown good performance in the last six months as it gained approximately 68% in this period.