Vinco Ventures (NASDAQ:BBIG) stock is rising higher on Tuesday as investors take interest in the company ahead of its upcoming earnings call.
Vinco Ventures already released its earnings report for the second quarter of 2021 after markets closed on Monday. The company saw several decreases during its earnings report that investors likely wouldn’t be happy about.
For example, Vinco Ventures notes that revenue was down 48% from $5.17 million to $2.69 million. It notes that this was mostly due to a decrease in sales of Personal Protective Equipment in its Edison Nation Medical division. Gross profit also dropped 17% year-over-year.
So why exactly are traders picking up more shares of BBIG stock despite these results?
Will Meade is weighing in on the situation via a Twitter (NYSE:TWTR) post. Meade is a former hedge fund manager with more than 213,000 followers on the social media platform. He regularly posts insight into financial matters on his account. Check out his Tweet below.
$BBIG has a big earnings call on Wednesday
shorts will likely cover into call with
25% short interest
— Will Meade (@realwillmeade) August 24, 2021
With the increasing interest in Vinco Ventures comes more trading. As of this writing, about 10 million shares of the stock have changed hands. That’s quickly approaching the company’s daily average trading volume of 15.1 million shares.
Vinco Ventures’ main business is buying and growing companies to add to its portfolio of brands. It calls this the B.I.G strategy, or Buy. Innovate. Grow. The company is based out of Bethlehem, Penn. and was founded in 2017.
BBIG stock was up 21.1% as of Tuesday afternoon.
We’ve got more stock market news investors will want to look into below!
There’s plenty of stock news happening on Tuesday and InvestorPlace has it covered. A few examples of stories worth looking into include Bio-Path (NASDAQ:BPTH) jumping in price, Palo Alto Networks (NYSE:PANW) on the rise, as well as what else to expect from the market. You can check all of that out at the links below!
More Tuesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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