- NASDAQ:BBIG fell by 7.34% on Monday, amidst another choppy day for the broader markets.
- Meme stocks rallied on Monday, as AMC saw a major weekend boost.
- Vinco Ventures officially enters into a material definitive agreement with Zash Global Media.
Update, Tokyo: BBIG closed the day down 17.10% to $7.95, falling from a high of $9.40 to a low of $7.67 whereby trading volume was approaching 284.7 million shares versus a daily average of 34.2 million. In its investor presentation, the company showed a capitalization table with 80.6 million shares outstanding and $127 million in cash versus the $120 million in debt related to the Lomotif acquisition as of Sept 3 as Reuters reported.
Technically, the price has left an M-formation on the daily chart, a bullish formation that has a high completion rate. The neck line of the formation is priced at $9.63 for which could pull in the bulls being the Sep 9 lows. Failing that, the price could continue to deteriorate to a 50% mean reversion of the weekly summer rally. This is located near $7.30.
End of update.
NASDAQ:BBIG did not have quite the start to the week that other meme stocks had. Shares of BBIG tumbled by 7.34% on Monday, and closed the trading session at $9.59. The move came as September OPEX week kicked off with the NASDAQ as the only major index to finish in the red. The Dow Jones rebounded by adding 261 basis points and the S&P 500 recorded a modest gain after being dragged down by most of the mega-cap tech stocks trading lower during the session. Cheddar Flow did manage to detect a surprisingly bullish options flow today for BBIG, which is usually an indication that institutions are loading up after a pull back.
The rest of the meme stock sector started the week off stronger as AMC (NYSE:AMC) rose higher following a major announcement from Walt Disney (NYSE:DIS). Contrary to what the entertainment conglomerate previously said during the pandemic, Disney will now be prioritizing movie theater releases rather than simultaneous releases on its Disney+ platform. AMC also saw a major boost from the Disney and Marvel movie Shang-Chi and the Legend of the 10 Rings has already earned over $250 million after its first two weeks.
BBIG stock forecast
Vinco Ventures did finalize entering into a definitive material agreement with Zash Global Media and Entertainment Corporation. The original agreement was announced on July 23rd, and will see Zash acquire a majority controlling interest in a third company, Lomotif Private Limited. The agreement does not have much effect on Vinco’s stock, but social media sleuths did note that one of the parties took their payment in BBIG stock rather than cash.
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