Vinco Ventures (NASDAQ:BBIG) Forms Bearish Pattern: How Should You Play Now?
2:57 pm Monday, July 26th, 2021
The meme stock phenomena reared its head recently and one of the stocks which had been the target of the Reddit traders was that of Vinco Ventures (NASDAQ:BBIG). However, the meme stock wave seems to have ended for the time being and many investors might be thinking if the stock is going to see the heights again.
However, there are certain factors that investors need to look into in order to figure out if the Vinco Ventures stock might be worth the risk. One of the things to be considered is the fact that the meme stock rally could be back again. However, it is also necessary to note that the short interest in the stock at this point might not be enough to make retail investor-driven short squeeze moves profitable.
At this point in time, the stock is suffering from a selloff and hence, investors might actually consider waiting for the selloff to get over completely before considering the Vinco Ventures stock. On the other hand, at a fundamental level, the company could have long-term promises as well. Vinco recently acquired ZASH Global, a digital media company and a TikTok-like platform called Lomotif.
Those are themes that are currently popular with many investors and in addition to that, the company has also moved into the currently popular sectors like NFTs (non fungible tokens). Hence, in summary, if its investments do work out then the Vinco stock might not actually need a meme stock rally to deliver gains. However, investors could consider waiting for further correction.
