Vinco Ventures Inc (NASDAQ: BBIG) rallied 21.4% during premarket trading as retail traders on Reddit and Stcoktwits bought the stock making it a top-trending ticker on both platforms.
The meme stock seems to be back in retail traders good graces given today’s gap higher, extending Friday’s rally as the stock fortunes finally reversed.
The digital media company’s shares have been falling since hitting new all-time highs of $12.46, driven by the meme stock frenzy that started in late August.
Retail investors on Reddit and other platforms are back to pumping up Vinco shares given the previous rally, when over one-third of the company’s shares were being shorted.
The short squeeze worked the first time around, and retail investors have stepped in once more to try and pugs the stock back to its recent highs.
We have seen meme stock keep rallying even after the short sellers were forced out of the game, with the gains primarily driven by long buying instead of short covering.
Vinco’s fundamentals are also not that bad given that the company’s joint venture with Zash Global Media and Entertainment owns the Lomotif video platform, which has over 31 million active monthly users and over 225 million app installations.
Retail investors are likely to push Vinco shares much higher this week given Friday’s reversal and today’s premarket rally seem set to reverse the recent selloff.
*This is not investment advice.
Vinco Ventures stock price.
Vinco Ventures stock rallied 21.36% premarket to trade at $7.67, rising from Friday’s closing price of $6.32.
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