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Is Former Meme Stock Favorite Vinco Ventures Making a Vicious Comeback?

Up more than 100% since the start of the year, BBIG stock could be in the midst of another meme wave.

Late last month, we here at Wall Street Memes discussed two meme stocks worth watching: Vinco Ventures (BBIG) and Ocugen (OCGN). Both names, popular as meme plays during 2021, appear set to soon experience “to the moon” moves once again.

That hasn’t exactly played out for OCGN, a long-shot Covid-19 vaccine play. But with BBIG stock? After dipping a bit after year’s end, it’s since made a big bolt to higher prices.

Between Jan 3 and today, the holding company, which has interests in a variety of fast-growing digital businesses, has rocketed from around $2.44 to more than $5.00 per share. That’s more than double the price in a matter of weeks.

So, what’s driving this renewed excitement for the meme play, and what are its chances of carrying on? Let’s dive in and find out.

Figure 1: Is Former Meme Stock Favorite Vinco Ventures Making a Vicious Comeback?

Figure 1: Is Former Meme Stock Favorite Vinco Ventures Making a Vicious Comeback?

(Read also from Wall Street Memes: Tesla Stock Earnings: Here's What Wall Street Expects)

Why Meme Traders are Jumping Back into BBIG Stock

During 2021, Vinco Ventures enjoyed several brief periods of high popularity among Reddit speculators. The largest of these meme waves (in late August/early September) sent it from around $2.50 per share, to as much as $12.49 per share.

What’s driving excitement for it this time? Some may say its renewed enthusiasm for one of its key holdings, video sharing site Lomotif. Lomotif is a possible future competitor to TikTok. Others may counter it’s due to another one of its catalysts, the pending spinoff of its Cryptyde non-fungible token (NFT) unit.

However, based on recent posts on Reddit’s various WallStreetBets forums, its appeal as a short-squeeze play appears to be what’s in focus. But no matter the reason behind its recent drive higher, what’s more in focus among investors is whether or not it will continue.

Can Vinco’s Latest Spike Carry On?

As BBIG stock rockets higher as of mid-session on January 18, only time will tell whether this latest resurgence in meme attention will result in a move back to its all-time high ($12.49 per share). Or, at the very least, a return to the high single-digits, where it peaked during its last meme wave.

That said, numerous factors point to its happening. Its short interest remains elevated. According to Fintel.io, 22.6% of float has been sold short. If chatter about it on Reddit stays at current levels (it’s currently the fourth most talked about stock on the platform, per ApeWisdom.co), it may be enough to keep it rocketing back toward its past high.

Twitter speaks

Vinco stock has been bouncing around in the past six months, in true meme style. Do you think the most recent run will take BBIG to the moon, or will enthusiasm fade as it did in Q4 of last year?

(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report. Also, the article may contain affiliate links. These partnerships do not influence editorial content. Thanks for supporting Wall Street Memes)