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Friday, January 22, 2021

Singlepoint Inc (OTCMKTS:SING) Shares Go on a Rampage

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Singlepoint Inc (OTCMKTS:SING) is suddenly just about the hottest thing on the OTC. Shares of SING have caught fire to the tune of about 190% on a mega spike of volume over roughly the past week of action. Digging into recent headlines, the most interesting catalyst we could find was the company’s move to join forces with Premier Biomedical Inc. to begin manufacturing Premier’s newly designed CBD Hemp Oil Patch products in high volume. SING is now a story worth watching again.

Traders will note nearly 190% tacked on to share pricing for Singlepoint in the past week, a rally that has pushed up against longer standing distributive pressure in the stock. Again, the situation may be worth watching. SING is a stock who’s past is littered with sudden rips. Furthermore, the listing has seen interest climb, with an increase in recent trading volume of a bit over 110% above the average volume levels in play in this stock over the longer term.

Singlepoint Inc (OTCMKTS:SING) trumpets itself as a company that provides mobile technology and marketing solutions for small to mid-size businesses, nonprofits, and religious organizations. Its solutions enable clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices.

The company’s portfolio includes; Text2Bid, a mobile bidding solution that allows users to bid in auctions from text or Web-enabled phones; Donate by Text, a solution that allows nonprofits to securely collect donations via text; Pay by Text that allows customers to pay for products using their mobile phones; and Point of Sale terminals to provide customers the convenience of using debit/credit cards right at checkout.

It also provides Oomy, a solution that enables companies to track and manage their fleet vehicles, drivers, and deliveries; text mobile marketing solutions; SingleSwipe that enables customers to turn any device into a point of sale payment processor with the SingleSwipe card reader; and other solutions.

SING was formerly known as Carbon Credits International, Inc. and changed its name to SinglePoint, Inc. in February 2013. The company was founded in 2006 and is headquartered in Phoenix, Arizona.

According to company materials, “SING is a full-service mobile technology and marketing provider. We provide solutions that allow our clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices. Our products connect small to mid-size companies to their target markets by providing innovative mobile technology at reasonable rates. The company recognized the strength in acquiring interest in undervalued subsidiaries in other markets to create a diversified holding base.”

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As noted above, the trade du jour appears to be in shares of SING for OTC market participants over the past week. The move comes following the company’s strategic shift to jump into business with Premier Biotech in the manufacture of Premier’s newly designed CBD Hemp Oil Patch products in high volume.

“We have been working very hard on making acquisitions and inside sales to boost revenue,” said SinglePoint CEO Greg Lambrecht in a press release announcing the partnership. “This new business will contribute significantly to our revenue goals.”

According to the recent release, Premier Biomedical benefits from the mass manufacture of its topical pain relief products, which will help the company aggressively expand its distribution network through retail outlets, health care facilities, pharmacies, and various online shopping platforms.

“We are excited that we found a volume supplier for our products,” said Premier Biomedical President & CEO William Hartman in the same press release. “This significantly increases the company’s initiatives and enables us to grow revenues through expansion of sales volumes in both domestic and foreign markets. We look forward to working with SinglePoint to continue bringing current and future planned new products [to market].”

Currently trading at a market capitalization of $22.6M, SING has a bankroll ($282K) of reported cash on the books, which is balanced by virtually no total current liabilities. SING is pulling in trailing 12-month revenues of $717. However, the company is seeing declines on the top line on a quarterly y/y basis, with revenues falling slightly. We will update the story again soon as further details emerge. For continuing coverage on shares of $SING stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

Disclosure: we hold no position in $SING, either long or short, and we have not been compensated for this article.

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