Benzinga | Nov 23, 2021 02:46PM EST

Why Vinco Ventures Stock Is Diving Today

Vinco Ventures Inc (NASDAQ:BBIG) is trading significantly lower Tuesday after the company announced third-quarter financial results that declined year-over-year.

Vinco Ventures reported a quarterly earnings loss of $7.59 per share, which was down from a loss of 30 cents per share year-over-year. The company reported quarterly revenue of $2.23 million, which was down from $2.52 million year-over-year.

Vinco Ventures said the revenue decrease was primarily driven "by the decrease in sales of personal protective equipment in the Edison Nation Medical division."

The company announced that cash, cash equivalents and restricted cash totaled $149.9 million at the end of the quarter.

"We are very pleased with our operational developments in the quarter, which included key building blocks of our strategy to create a global media and content platform," said Lisa King, CEO of Vinco Ventures.

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Vinco Ventures is a vertically-integrated, end-to-end, consumer product research and development, manufacturing, sales and fulfillment company.

BBIG Price Action: Vinco Ventures has traded as high as $12.49 and as low as $1.11 over a 52-week period.

The stock was down 21.70% at $3.06 at time of publication.