Is NFT Stock Vinco Ventures a Good NFT to Own? By StockNews
© Reuters. Is NFT Stock Vinco Ventures a Good NFT to Own?
Digital media company Vinco Ventures (BBIG) has become the latest meme play as amateur investors pumped up their bets on the stock due to social media hype. However, the stock’s wild gains are not in sync with the company’s bleak fundamentals and financials. Furthermore, considering the risks associated with the nascent NFT market, is it worth betting on the stock now?.
Digital marketing company Vinco Ventures, Inc. (BBIG) focuses on sourcing, design, sales, fulfillment, and shipping services in North America, the Asia Pacific, and Europe. Shares of the Bethlehem, Pa.-based digital media merger and acquisition company have rallied 187% in price over the past five days, driven by the meme stock craze.
As investor chatrooms like StockTwits and Reddit’s r/wallstreetbets light up with BBIG’s mention, along with other new meme names, the NFT stock has more than doubled in price from last week. Also, the strategic launch of its E-NFT platform and its planned Lomotif acquisition have helped the stock soar 149.5% over the past three months.
However, the company reported disappointing second-quarter earnings results. In addition, its expanding operating expenses and losses and uncertainty surrounding the NFT space could cause its shares to retreat in the near term.
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