© Reuters. Up More Than 160% in 2021, Will Vinco Ventures Continue to Rally?
The price of shares of digital marketing company Vinco Ventures, Inc. (BBIG) has soared 168.6% so far this year on investors’ optimism surrounding its foray into the NFT market. However, given that the NFT hype is fading, and that the company’s finances look weak, will the stock continue to rally? Read on.Consumer products and digital marketing company Vinco Ventures, Inc. (BBIG) sells toys, homewares, and electronics to manufacturers and retailers through e-commerce channels. BBIG’s stock has gained 168.6% year-to-date, driven by the strategic launch of 3D non-fungible tokens (NFT) on its EVNT Platform to offer a revolutionary E-NFT experience and its planned ‘spin out’ of Emmersive Entertainment as its own standalone public company.
However, the stock is currently trading 60.9% below its all-time high of $9.40. Also, its shares are down 17.7% over the past month.
While the company’s foray into NFTs has grabbed the attention of investors, we think its weak financials and negative profit margin could cause the stock decline in the near term.
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