Vinco Ventures (NASDAQ:BBIG) Share rallies higher on Tuesday as investors look to the company ahead of the upcoming profit call.
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Vinco Ventures has already published its earnings report for the second quarter of 2021 after the market closed on Monday. The company posted several declines during its earnings report that investors likely wouldn’t be happy about.
For example, Vinco Ventures notes that sales fell 48% from $ 5.17 million to $ 2.69 million. This is mainly due to a decrease in sales of personal protective equipment in the Edison Nation Medical division. Gross profit also fell 17% year-on-year.
Despite these results, why are traders buying more and more BBIG stocks?
Will Meade weighs the situation about a. away Twitter (NYSE:TWTR) Post. Meade is a former hedge fund manager with more than 213,000 followers on the social media platform. He regularly publishes insights into financial matters on his account. Check out his tweet below.
$ BBIG has a big winning call on Wednesday
Shorts will likely be in call with blankets
25% short interest
– Will Meade (@realwillmeade) August 24, 2021
With the increasing interest in Vinco Ventures, there is more trading. As of this writing, around 10 million shares have changed hands. That is quickly approaching the company’s average daily trading volume of 15.1 million shares.
Vinco Ventures’ main business is buying and growing companies to expand its brand portfolio. It calls this the BIG strategy, or Buy. Innovate. Grow. The company is based in Bethlehem, Penn. and was founded in 2017.
BBIG shares rose 21.1% on Tuesday afternoon.
We have more stock market news for investors to check out below!
There’s a lot of stock market news on Tuesday and InvestorPlace has it covered. Some examples of stories worth exploring are Bio path (NASDAQ:BPTH) jump in price, Palo Alto networks (NYSE:PANW) on the rise and what else you can expect from the market. You can check all of this at the links below!
More Tuesday stock market news
On the day of publication, William White had no positions (either directly or indirectly) in any of the securities referred to in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s posting guidelines.
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