Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

VINCO VENTURES, INC.

(BBIG)
  Report
SummaryQuotesChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Support.com, other new meme stocks dip, hitting pause in monster rally

08/31/2021 | 11:11pm EST
A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City

By Sinéad Carew, Medha Singh and Saqib Iqbal Ahmed

(Reuters) - A gaggle of so-called meme stocks were mostly lower on Tuesday after eye-popping rallies in their shares in recent days suggested that retail investors are still eager to bet on companies popular in online forums.

Shares of software company Support.com shot up 313% in the six trading sessions through Monday and were up more than 1,400% year-to-date. They were down 11.3% on Tuesday afternoon.

Digital marketing company Vinco Ventures, up 114% since Thursday, was up 0.3% on Tuesday. E-commerce platform Aterian Inc fell 12.4% after gaining 60% in the last two trading days.

The recent moves were another sign that the wild rides associated with meme stocks may be a feature of markets for some time to come. For eight months now, Wall Street has witnessed breathtaking rallies in shares of GameStop and other stocks favored by individual investors gathering on forums such as Reddit's WallStreetBets.

Another sign of the phenomenon's potential staying power came Monday, when shares of Paypal jumped after a report that it was exploring ways to let U.S. customers trade individual stocks on its platform.

On Tuesday, the Wall Street Journal reported https://www.wsj.com/articles/fidelity-is-going-on-a-hiring-spree-11630414800 that Fidelity Investments plans to hire another 9,000 employees this year due to surging demand for stock-trading and other personal investing services.

"Retail trading and momentum is now a relevant facet of daily trading," said Ihor Dusaniwsky, managing director of S3 Partners. "It moves prices and institutional investors take notice."

Options trading is probably exacerbating moves in some shares. Options volume for Vinco Ventures stood at 259,000 contracts early late Tuesday afternoon, making it the sixth most active single stock name in the entire options market, according to Trade Alert data.

AMC Entertainment Corp, which rose along with GameStop in January and has seen subsequent rallies in recent months, was the third most active, with 406,000 contracts. AMC's shares were last up 7.8%.

Some of the newer meme stocks also sport unusually high short interest, making them targets for investors seeking to force a short squeeze. This can send share prices sharply higher as bearish investors are forced to unwind bets against a stock.

Short interest in the shares of Support.com, for instance, recently stood at around 60%, while Vinco's short interest was at 20%, according to S3 data.

Massive volumes in some of the shares are evidence that the bulk of the gains came from bullish investors piling in rather than bears closing out positions, Dusaniwsky said. Trading volume for Support.com over the last three sessions, for example, was 115 million shares, or about 6.6 times the 50-day moving average.

This month, Support.com said a shareholder vote to merge with bitcoin miner Greenidge Generation Holdings was scheduled for Sept 10. Support.com announced it will become a wholly owned subsidiary of the bitcoin miner in March.

Plenty of market participants believe the meme stock craze is unlikely to survive if the bull market ends whenever the U.S. Federal Reserve unwinds the easy money policies that have helped the S&P 500 double from its March 2020 lows.

"If ever this was a sign that there is too much idle money in peoples' hands, meme-stock gambling is it," said David Trainer, chief investment officer at an investment research firm New Constructs. "As soon as the super loose money begins to abate, I think you'll see folks be much more rational."

(Reporting by Sinead Carew, Medha Singh and Saqib Iqbal Ahmed; Editing by Ira Iosebashvili and David Gregorio)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BELIEVE 0.10% 17.658 Real-time Quote.0.00%
PAYPAL HOLDINGS, INC. -1.72% 183.93 Delayed Quote.-21.46%
ROOT, INC. -5.40% 3.33 Delayed Quote.-78.80%
SUPPORT.COM -38.22% 102.6087 End-of-day quote.436.36%
VINCO VENTURES, INC. -7.39% 2.63 Delayed Quote.91.97%
All news about VINCO VENTURES, INC.
11/23Vinco Ventures Posts Wider Q3 Loss Amid Higher Spending, Revenue Falls; Shares Drop
MT
11/23Vinco Ventures Posts Wider Q3 Loss Amid Higher Spending, Revenue Falls
MT
11/22Vinco Ventures, Inc. Reports Financial Results for the Third Quarter Ended September 30..
AQ
11/22VINCO VENTURES, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND R..
AQ
11/22Vinco Ventures, Inc. Reports Earnings Results for the Third Quarter and Nine Months End..
CI
11/19Vinco Ventures Announces Date of Third Quarter 2021 Financial Results Conference Call
AQ
11/12Vinco Ventures' Lomotif Video Sharing Platform Says US Beta Test Exceeds Expectations
MT
11/12Lomotif and ZASH Beta Test Social Media Reach and Frequency Tool in Partnership with ED..
PR
11/12VINCO VENTURES, INC. : Entry into a Material Definitive Agreement, Unregistered Sale of Eq..
AQ
11/09Vinco Ventures, Inc. (BBIG) Announces Filing of Form 10 Registration Statement in Conne..
PU
More news
Financials (USD)
Sales 2020 15,8 M - -
Net income 2020 -5,15 M - -
Net Debt 2020 6,76 M - -
P/E ratio 2020 -2,80x
Yield 2020 -
Capitalization 361 M 361 M -
EV / Sales 2019 1,50x
EV / Sales 2020 1,67x
Nbr of Employees 16
Free-Float 81,8%
Chart VINCO VENTURES, INC.
Duration : Period :
Vinco Ventures, Inc. Technical Analysis Chart | BBIG | US9273301005 | MarketScreener
Technical analysis trends VINCO VENTURES, INC.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Managers and Directors
Lisa King Chief Executive Officer & Director
Kevin James Ferguson President
J. Philip Jones Chief Financial Officer
Roderick Vanderbilt Chairman
Stephen Garrow Chief Operating Officer
Sector and Competitors
1st jan.Capi. (M$)
VINCO VENTURES, INC.91.97%361
TAKE-TWO INTERACTIVE SOFTWARE, INC.-20.22%18 122
BANDAI NAMCO HOLDINGS INC.2.15%17 717
HASBRO, INC.5.16%13 570
MATTEL, INC.20.34%7 357
SQUARE ENIX HOLDINGS CO., LTD.-4.79%6 301