- Vinco Ventures stock soars again as it closes up 24% on Monday.
- #BBIGsqueeze is one of the top trending tags on FinTwit on Monday.
- Vinco Ventures is a holding company focused on cryptocurrencies.
Vinco Ventures (BBIG) stock is back on social media and FinTwit as the stock soars on Monday. BBIG stock closed up 24% on Monday at $3.07. A notable gain, but this is a volatile stock and known for moves like this. BBIG stock is still much lower than its retail frenzy peak of $12.49 reached in September 2021. BBIG fell back to $2 after that and has had a few attempts at a squeeze since, but most of these have eventually faded away. Will this one stick?
Vinco Ventures Stock News: Cryptide spinoff and short squeeze
Vinco is due to spin-off its NFT and crypto vehicle Cryptyde later this year, and traders have grabbed that headline on Monday and spread it to engineer a sharp move higher. The latest SEC filing from BBIG stock outlines that the Cryptyde spin-off is due to take place in early 2022. We are in early 2022, so we wait with bated breath. Shareholders in BBIG will receive one share in Cryptyde for every ten shares of BBIG stock held on the record date. Cryptyde is due to trade under the ticker TYDE on the Nasdaq exchange. Monday also says the #bbigsqueeze trend on Twitter as traders look to engineer a classic short squeeze move. This is straight out of the GameStop (GME) playbook, which worked so well.
Vinco Ventures owns the social media platform Locomotif, which is based in Asia. The company compares it to TikTok.
Vinco Ventures Stock Forecast: High-risk all around
This is a high-risk investment, and investors should be aware of that. The company has revenues of about $16 million and lost $6 million on those revenues. BBIG has not made money since a small $1.5 million profit back in 2017. This is loss-making and does not look likely to have any immediate changes, so getting a bonus share in a spin-off should not cloud your judgment.
BBIG stock chart, daily
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