Why Is Vinco Ventures (BBIG) Stock Up Today?

Vinco Ventures (NASDAQ:BBIG) stock is advancing nearly 4% in early trading. The company reported that, in the fourth quarter of 2021, its revenue from continuing operations had fallen 1.5% versus the same period a year earlier to $2.23 million.

NFT golden coins in pile. Non fungible tokens dropped casually in a large pile, close-up shot.
Source: Pop Villains / Shutterstock.com

On the positive side, Vinco stated that its cash and cash equivalents jumped to $87.61 million as of the end of last year, up from about $250,000 at the of 2020. Moreover, the company noted that its market capitalization and its total stockholders’ equity had risen tremendously since the end of 2020.

What Happened With BBIG Stock

Specifically, the market capitalization of BBIG stock has climbed to about $470 million now from about $20 million in December 2020, while Vinco’s stockholders’ equity had climbed to $134 million as of the end of Q4, versus about $14 million in December 2020.

Vinco attributed the increases to “equity growth and our acquisition of an 80% equity interest in Lomotif through ZVV Media Partners, our joint venture with ZASH Global Media and Entertainment.”

Lomotif has been labeled by a number of commentators as “the next TikTok,” which has raised excitement around Vinco Ventures.

In its Q4 earnings press release, Vinco noted that its subsidiary, Cryptyde, which Vinco intends to spin off, had provided the U.S. Securities and Exchange Commission (SEC) with a form related to the planned transaction. Cryptyde mines cryptocurrency and has created “Freescape Metaverse characters.” Vinco anticipates that these products will be marketed starting in the current quarter or in Q3.

On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.

Article printed from InvestorPlace Media, https://investorplace.com/2022/04/why-is-vinco-ventures-bbig-stock-up-today-cryptyde-earnings/.

©2022 InvestorPlace Media, LLC