5 Penny Stocks To Buy in May

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

Number of Hedge Fund Holders: 10

Share Price as of May 6: 3.29

Vinco Ventures, Inc. (NASDAQ:BBIG) develops and commercializes end-to-end consumer products in North America. Among the company’s product offerings we see a variety of kitchenware, small appliances, toys, pet care, baby products, health and beauty aids, entertainment venue merchandise, and houseware. Vinco Ventures, Inc. (NASDAQ:BBIG) also offers personal protective equipment to governmental agencies, hospitals, and distributors. The company also owns and operates various platforms for content creation and digital marketing. 

This February, Vinco Ventures, Inc. (NASDAQ:BBIG) announced it has completed the acquisition of AdRizer with an all-cash transaction of $38 million. The company aims to make use of AdRizer’s platform to monetize content creation and streaming on its content creation app, Lomotif,  through digital marketing.

Vinco Ventures, Inc. (NASDAQ:BBIG) is gaining momentum and investor retention. As of May 6, the stock has surged 34.84% over the past twelve months, making Vinco Ventures, Inc. (NASDAQ:BBIG) a high-momentum penny stock to buy in May. Moreover, Insider Monkey identified 10 hedge funds that were long Vinco Ventures, Inc. (NASDAQ:BBIG) at the end of the fourth quarter of 2021. The total stake of these funds amounted to $6.02 million. This is compared to 7 positions in the previous quarter.