Vinco Ventures, Inc. (BBIG), a consumer product research and development, manufacturing, sales, and fulfillment company, has plunged 7.12% during the premarket trading session. Consequently, the stock is trading at $3.65 at the time of the writing. On Thursday, BBIG closed the day at $3.93 after sliding by 13.25% during the regular trading session. The decline is coming in the aftermath of five consecutive days of gain by the stock, which saw it moving from $2.31 to $5.49. Let’s discuss some recent developments related to the stock.
Cryptyde Spinoff by BBIG
On the 12th of January, BBIG stock rose 23% during the regular trading session, the reason being rumours in the vein of the Cryptyde spinoff. Cryptyde is the subsidiary of the company which is focused on leveraging blockchain technology to disrupt consumer-facing industries. The spinoff would make Cryptyde a stand-alone, publicly-traded Nasdaq listed company having the ticker symbol TYDE. Recent developments are igniting the rumours that the TYDE stock’s launch is coming soon, the most prominent being the increasing presence of Cryptyde on social media.
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Q3 2021 Operational Results
In November, BBIG released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The net revenue generated by the company during the quarter was $2.23 million against $2.52 million for the same quarter of 2020. The gross profit generated by the company during the three months was $0.7 million against $1.01 million for the same three-month period of 2020. The net loss attributable to the company stood at $542.4 million (or $7.59 per basic and diluted share) during the period against $2.83 million (or $0.30 per basic and diluted share) for the same period of 2020.
Lisa King, Chief Executive Officer of BBIG, while commenting on the results said that the company is pleased with the operational developments which had taken place during the quarter. These operational developments include key building blocks of its strategy to create a global media and content platform.
Future Outlook for BBIG
During the last three months, BBIG has declined by more than 38% during last three months, but the more recent statistics reveal a more positive picture for the stock, as it has surged more than 20% during the last month. Analysts estimate that the stock is expected to continue following a similar trajectory in the months to come.