5 Best Penny Stocks to Buy and Hold According to Reddit

4. Vinco Ventures, Inc. (NASDAQ:BBIG)

Number of Hedge Fund Holders: 9

Stock Price as of July 29: $0.784

Vinco Ventures, Inc. (NASDAQ:BBIG) is a New York-based company that owns Lomotif. Lomotif is a short video-sharing social networking platform similar to TikTok. The application has been downloaded by 225 million users and has a user base of 40 million active users in India as of July 2022.

On the Apple App Store, the application has received an average rating of 4.6 from 310,000 users. Meanwhile, TikTok’s average rating stands at 4.8 by 12.8 million users. Vinco Ventures, Inc. (NASDAQ:BBIG) is working on improving the Lomotif platform by adding unique features.

The stock price of Vinco Ventures, Inc. (NASDAQ:BBIG) is currently hovering around a 52-week low after the company was forced to sack co-CEO Ted Farnsworth following his appointment three days ago. Mr. Farnsworth was fired alongside co-CEO Lisa King and Chief Security Officer Erik Noble on the allegation that this group was going for a hostile takeover of the company. Redditors are seeing this as an attractive entry point in the stock. Vinco Ventures, Inc.’s (NASDAQ:BBIG) recent deal with 7digital Group and the regulatory pressures on TikTok is being seen as long-term growth catalysts for the stock.