Vinco Ventures Inc (NASDAQ:BBIG) Stock Falls 50% In a Month: Here is Why
Investors in Vinco Ventures Inc (NASDAQ:BBIG) have gone through a pretty tough period over the course of the past few weeks. The stock has suffered from a remarkable selloff during the period and has recorded losses of as much as 50% over the past month.
Market Stats
On Thursday, BBIG stock soared 0.51% to $3.9700 with more than 12.05 million shares, compared to its average volume of 61.65 million shares. The stock has moved within a range of $3.9100 – 4.1500 after opening trade at $3.9700.
Vinco Ventures’ Spin Off Subsidiary Cryptyde Announces Launch of Joint Venture Entity Focused on BTC Mining Ecosystem
In this situation, it could be a good move from investors to take a closer look at the latest developments in order to get an idea about Vinco Ventures. The last time any news emerged about the company was back on November 1 when Vinco Ventures announced that it had established a new joint venture in collaboration with Wattum Management named CW Machines LLC.
Wattum Management is one of the better known suppliers of Bitcoin mining services and equipment at a global level. CW Machines LLC is going to be involved in making the ownership of Bitcoin mining equipment simpler.
The joint venture seeks to use the power of smart contract technology for this particular purpose. However, it is clear to see that the announcement of this joint venture did not lead to any significant optimism among investors despite the fact that Bitcoin mining is a fast growing sector at this point in time.
Key Quote
“The launch of this joint venture entity signifies the start of our expansion into the broader crypto and blockchain market,” said Cryptyde CEO Brian McFadden. “We are excited to be working with industry vetarans such as the Wattum Management team and and look forward to the introduction of NFT’s and smart contracts into the BTC Mining space.”
Traders Corner
BBIG stock is trading below the 20-Day and 50-Day Moving averages of $4.76 and $6.01 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.14. The stock is down 52% in the past month.
