Here is why Vinco Ventures Inc. (BBIG) stock turnaround in the after-hours on Tuesday?

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NFTs Stocks
NFTs Stocks

Vinco Ventures Inc. (BBIG) shares gained 1.48% in after-hours on Tuesday, September 21, 2021, and closed the daily trading at $6.87. However, in the regular trading session of Tuesday, BBIG’s stock lost 7.01%. BBIG shares have risen 274.03% over the last 12 months, and they have moved down 14.84% in the past week. Over the past three months, the stock has gained 35.67%, while over the past six months, it has soared 116.99%.

Let’s have a look at its recent news and developments.


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BBIG Launched First NFT Soundtrack

On September 21, 2021, EVNT Platform which is a subsidiary of Vinco Ventures, Inc (BBIG) announced to launch the world’s first NFT streaming movie soundtrack with Grammy Winners Om’Mas Keith and Adrian L. Miller of A Tiny Universe (ATU).

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ATU is also offering a Limited Edition version of the NFT featuring 3 music videos, 9 pieces of art, a Special Message from the film’s Director Coke Daniels, and a downloadable Score in addition to the soundtrack. The Limited Edition will sell for $20 with only 5,000 available.

BBIG 2021 annual proxy

On September 08, 2021, Vinco Ventures, Inc (BBIG) announced the company’s 2021 Annual Proxy details and provides a corporate update in a new investor presentation. The details are available on the company’s website.

BBIG latest available financial results

On August 23, 2021, Vinco Ventures, Inc (BBIG) announced results for the second quarter of fiscal 2021 which ended on June 30, 2021.

Q2 2021 financial highlights

  • BBIG reported revenue of $2.69 million in Q2 2021 compared to $5.17 million in Q2 2020.
  • The cost of revenue was $1.72 million in Q2 2021 compared to $4.0 million in Q2 2020.
  • Selling, general and administrative expenses were $6 million in Q2 2021 compared to $2.4 million in Q2 2020.
  • It suffered a net loss of 183.89 million, or $5.13 per basic and diluted share in Q2 2021 compared to a net loss of $1.62 million, or $0.18 per basic and diluted share in Q2 2020.

Conclusion

BBIG stock surged in the after-hours on Tuesday, after the company announced its first NFT soundtrack and we can see it surge in the coming trading sessions as well.

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About the company

Vinco Ventures, Inc. (BBIG) is a selective acquisitions company focused on digital media and content technologies. Vinco’s B.I.G. (Buy. Innovate. Grow.) company strategy is seeking out acquisition opportunities that are poised for scale and will BE BIG.

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