- NASDAQ: BBIG remains on the back foot despite risk appetite stormed markets.
- Meme stocks rebound on Wednesday, but Vinco Ventures extends its losing streak.
- Clearing up some earlier confusion, the official date for Cryptyde dividend shares has yet to be announced.
Update September 24: The bearish pressure around NASDAQ: BBIG remained unabated, as the stock price extended its losing streak into the third consecutive day. The shares of Vinco Ventures lost 5% but managed to defend the $6 mark at the close. The upbeat risk tone on Wall Street indices failed once again to offer any respite to BBIG stock. Investors remain on tenterhooks ahead of the October 15 vote on the proposal for company spinoff Cryptyde to operate as its own publicly traded entity.
NASDAQ:BBIG just cannot seem to correct its recent downward trend, even when the markets are bouncing back from a recent sell off. On Wednesday, shares of BBIG fell by a further 2.95% and closed the trading session at $6.57. Unlike the volatility seen on Monday and Tuesday, Wednesday’s session brought a nice recovery as all three major U.S. indices climbed higher by about 1.0%. The NASDAQ led the way as the Federal Reserve is holding interest rates steady which of course benefits growth sectors more than cyclicals. The Fed did warn that tapering in bond purchasing could come sooner rather than later, as the U.S. economy continues to improve following the COVID-19 pandemic.
Vinco Ventures’ performance on Wednesday was not indicative of the broader meme sector though. AMC (NYSE:AMC) and GameStop (NYSE:GME) stopped their recent skids and gained 3.25% and 0.10% respectively. Meanwhile other prominent meme names like ContextLogic (NASDAQ:WISH) gained 1.03% after seeing its price drop for the past few sessions as well. The sentiment surrounding Vinco Ventures is starting to sour on social media, as the stock’s losing streak extended to four days leading back to last week, and has now dropped nearly 16% in that time.
BBIG stock forecast
There was some confusion following an investor presentation from Vinco Ventures about the ex-dividend date for its soon to be public subsidiary Cryptyde. The date that was previously believed to be the ex-dividend date to receive shares of the spinoff was September 15th, but further investigation shows that the date has not yet been announced. October 15th is the confirmed date of record for the Cryptyde spinoff, so investors who want the dividends should buy shares of BBIG before then.
Update: NASDAQ:BBIG shed 5.02% on Thursday, ending the day at $6.24 per share. Wall Street posted substantial gains amid relief news coming from China, as Evergrande, the property giant, will likely avoid default. The Dow Jones Industrial Average added 507 points while the S&P 500 closed 56 points higher. The Nasdaq Composite was up 155 points or 1.04%.