- NASDAQ:BBIG fell by 5.02% during Thursday’s session.
- This marks the fifth consecutive day that Vinco Ventures has fallen.
- Vinco Ventures is capitalizing on the latest NFT cfraze to attract investors.
NASDAQ:BBIG just cannot stop the downward momentum right now, no matter how positive retail apes are about the future of the stock. Shares of Vinco Ventures fell a further 5.02% on Thursday and closed the trading session at $6.24. The broader markets rallied for a second straight day on Thursday, as each of the major U.S. indices were up more than 1.0%. The Dow Jones led the way adding 506 basis points, while the S&P 500 rose by 1.21%. Two key catalysts sent global markets higher: the belief that China will bail out Evergrande and the Chinese real estate market, and the Federal Reserve citing that it will continue with stimulus policies for the time being.
Stay up to speed with hot stocks' news!
The move lower for Vinco Ventures marked the fifth straight trading session that the stock has dropped. Shares have fallen over 25% during that period, as all previous levels of support are being broken. The three-week low of $5.93 which the stock bounced off of yesterday may be acting as the last level of support before another move lower. Interest in the stock is waning, as can be seen by the markedly bearish sentiment on social media, as retail investors eye their next short squeeze target.
BBIG stock forecast
Vinco Ventures is trying to entice more retail investors by cashing in on the current NFT craze that is hitting the cryptocurrency markets. With its numerous subsidiaries that operate in the NFT or Non-Fungible Token space, Vinco Ventures is setting itself up to go big or go home on this industry bubble. How will this turn out in the long run? Over the past week the market is telling us that it doesn’t have high hopes for the blockchain-based company.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.