Meme Stock Drops Amid Leadership Changes

Both Vinco Ventures' CEO and CFO will step down

Assistant Editor
Oct 20, 2021 at 10:34 AM
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Vinco Ventures Inc (NASDAQ:BBIG), one of this year's prominent meme stocks, is receiving attention amid its c-suite shakeup. Both Chief Executive Officer (CEO) Christopher Ferguson and Chief Financial Officer (CFO) Brett Vroman are resigning, with Vroman joining Vinco's subsidiary Cryptyde as CFO and Treasurer. The company has appointed Lisa King as CEO and president, and Philip Jones as the new CFO. 

At last glance, BBIG was down 10.7% to trade at $6.95, though the 20-day moving average so far appears to be keeping the pullback in check. Year-to-date, the meme stock mover is up roughly 408%. The shares are the number one ticker on investor-focused social media site stocktwits.com, and a big focal point on Reddit forum r/shortsqueeze. 

Short interest has been rising for months, and is up 82.9% during the two most recent reporting periods. Currently, short interest makes up 24.3% of BBIG's available float. It's also worth noting that the stock has landed on the Short Sale Restricted (SSR) list today. 

Options traders are chiming in at double BBIG's intraday average, with 94,000 calls and 20,000 puts across the tape so far. The weekly 10/22 7-strike call is the most popular, followed by the 8 and 10 calls in the same weekly series. 

 

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