SinglePoint, Inc. Common Stock (OTCMKTS:SING) has been somewhat of an underperformer when viewing the stock relative to its headlines and engaged thematic pronouncements. Being a consistent name in both of the games of cryptocurrency and cannabis, one might imagine shares to be well above their levels seen in summer 2017 or we months ago. But in fact, the stock is sitting right where it was at many points over the past year. However, with its latest deal, management is no doubt expecting that to change.
The company just announced a long-term global collaboration with dynamic entrepreneur Kevin Harrington. According to the release, “as part of the partnership, Harrington will work hand-in-hand with the innovative technology brand to launch a range of services in SinglePoint’s cryptocurrency division. Harrington will be the spokesman for the launch of SinglePoint’s national TV campaign, which is scheduled for production on January 19, 2018. The campaign plans to air on major financial news networks, such as CNN, Fox News and others.”
SinglePoint, Inc. Common Stock (OTCMKTS:SING), aside from its recent pivot into the crypto space, 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.
SING’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.
SING 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.
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 company just joined forces with Kevin Harrington – he of “As Seen on TV” and Shark Tank fame. It’s an unabashed investor relations move, but that doesn’t mean it won’t work. Indeed, shares ripped higher on the announcement, advancing as much as 18% and closing up by double-digit percentage points.
“Kevin’s legendary work producing the launch of more than 500 products is just one of the many reasons we are thrilled about this partnership,” said SinglePoint President Wil Ralston. “Impressively, 20 of Kevin’s companies have each topped $100 million in revenue. We look forward to partnering with such a visionary individual and discovering what this means for the future of SinglePoint.”
And, as you might guess, that love was reciprocal. “SinglePoint’s game-changing approach to serving high-risk markets is the reason that after 30 years of empowering entrepreneurs I am still excited to get to work every day. Working closely with SinglePoint’s executive team I am confident 2018 will be a phenomenal year for the company,” said Harrington.
Currently trading at a market capitalization of $95M, SING has a stash ($137K) of cash on the books, which must be weighed relative to about $460K in total current liabilities. One should also note that debt has been growing over recent quarters. SING is pulling in trailing 12-month revenues of $156K. However, the company is seeing lackluster growth on the top-line on a quarterly y/y basis, with revenues flat over the recent period. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $SING stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $SING, either long or short, and we have not been compensated for this article.