Vinco Ventures Inc (NASDAQ:BBIG) Stock Jumps Sharply: How to Trade Now
In recent times, Vinco Ventures Inc (NASDAQ:BBIG) has emerged as a notable name among companies which are involved in making select acquisitions that help in exploiting new market opportunities.
The company accomplishes that through its own strategy which is abbreviated as B.I.G, which stands for buy, innovate, grow. Yesterday, the stock was in considerable focus among investors and soared by as much as 19% despite there being no news about the company at all. In this context, it might be a good move for investors to take a look at an announcement from Vinco Ventures about the ‘spin out’ of the company Emmersive Entertainment.
The company announced that Emmersive Entertainment is going to be spun out into a separate publicly listed company and it goes without saying that it is a significant development for Vinco Ventures as well. In this regard, it should be noted that Brian McFadden, the Chief Strategy Officer at Vinco Ventures, is going to lead Emmersive Entertainment. The transaction to spin out the company in a separate publicly traded entity is expected to be completed at some point in the third fiscal quarter of the year. In the meantime, investors could continue to track the news regarding Vinco Ventures.
Market Reaction:
On Wednesday, BBIG stock soared 18.71% at $3.68 with more than 18.17 million shares, compared to its average volume of 13.81 million shares. The stock has moved within a range of $3.4000 – 3.7400 after opening the trade at $3.56. Over the past 52-week, the stock has been trading within a range of $1.1100 – 9.4000.
