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Tag: Vinco Ventures stock

  • Vinco Ventures, Inc. (BBIG) stock set For Merger With ZASH Global Media And Entertainment Corporation

    Vinco Ventures, Inc. (BBIG) stock set For Merger With ZASH Global Media And Entertainment Corporation

    Vinco Ventures, Inc. (BBIG) stock a mergers and acquisition company focused on digital media space and consumer brands has extended its period to close the merger with ZASH Global Media till May 28, 2021. The renewed duration will provide the parties with a longer time span to declare a final contractual agreement and restructure both the party’s conditions for the merger including the finalization of an audit of Singapore-based Lomotif Private Limited, which ZASH will be acquiring side by side with Vinco Ventures Inc.

    The completed merger will bring ZASH public and also give Zash the majority shares in Vinco Ventures in addition to Lomotif, which is the main rival of TikTok.

    BBIG Stock Volatile Due to NFT Speculations

    A large number of users of social media such as Twitter have placed a bet on BBIG as potentially an NFT stock. However, there’s no official announcement from the company to create NFTs. This has created speculation among various investors due to which the stock price surged a few days ago due to unremunerated rumors.

    An NFTs is a non-fungible token. These are special cryptocurrency tokens that represent a unique digital item. The tokens can be used to buy and sell digital media. NFTs can represent digital files such as art, audio, videos and are stored on a digital ledger called blockchain, the same ledger which is used for cryptocurrency such as BTC.

    Hence BBIG stock is also sitting 191.2% higher since the start of the year with the stock’s daily average trading volume reaching 5.6 Million shares.

    Conclusion

    Vinco Ventures, Inc. (Nasdaq: BBIG) operates in the lucrative field of digital goods. Recent buzz on social media has suggested that the company is expected to get into the NFT space, however, the official stance of the company is still unknown.  BBIG long-term revenue growth and the rising stock price have proven to be a success and an expected investment in NFT’s has peaked investor expectation for the company. Furthermore, the acquisition of Lomotif, the direct competitor of TikTok has given the company a competitive advantage over its peers.

  • Vinco Ventures (NASDAQ:BBIG) earnings and profit surged during the third fiscal quarter

    Vinco Ventures (NASDAQ:BBIG) earnings and profit surged during the third fiscal quarter

    The results for the third quarter ended September 30, 2020 were released by Vinco Ventures (NASDAQ:BBIG).

    Revenues for the third quarter of 2020 rose to $4.25 million compared to $3.53 million in a year ago period, a rise of 20.34 percent.Gross profit for the third quarter of 2020 rose by $593,696 relative to gross profit for the third quarter of 2019, an increase of 60.06 percent .Gross margin for the third quarter of 2020 improved to 37.2 percent compared to the 28.0 percent gross margin for the third quarter of 2019.

    Profits from the third quarter of 2020 fell to $14.80 million compared to $15.24 million, a decline of 2.89 percent.Gross profit for the third quarter of 2020 fell by $4,343 relative to gross profit for the third quarter of 2019, a decline of 0.09 percent.Gross margin for the third quarter of 2020 rose to 32.6 percent compared to a gross margin of 31.7 percent for the third quarter of 2019 .

    In the q3 of 2020, the net loss was $2.87 million, or ($0.30) per basic and diluted share, relative to a net loss of $2.63 million, or ($0.44) in the q3 of 2019, per basic and diluted share.

    Compared to a net loss of $5.78 million or ($1.00) per basic and diluted share in the third quarter of 2019, the net loss for the first nine months of 2020 was $3.20 million or ($0.29) per basic and diluted share.

    In the third quarter of 2020, adjusted EBITDA, a non-GAAP calculation, amounted to negative $0.183 million, relative to negative $1.317 million in the third quarter of 2019.

    In the first nine months of 2020, adjusted EBITDA, a non-GAAP calculation, amounted to negative $ 1,100 million, relative to negative $ 1,511 million in the first nine months of 2019.