SinglePoint, Inc. Common Stock (OTCMKTS:SING) exploded higher on Wednesday in reaction to a combination of strong technical support at the 200-day simple moving average and the company’s announcement on SingleSeed – its crypto solution. At this point, the stock is facing some resistance in the $0.07-0.08 area, with the 50-day MA coming through around $0.075/share.
As for the catalyst, the company just announced the soft launch of its SingleSeed payment bitcoin payments solution. According to the company’s most recent release, “additionally, SinglePoint management provides details and insight to the company’s activity in new ventures and pursuit of acquisitions in two major emerging markets: cannabis and blockchain. This corporate update includes an overview of each previously announced project and potential acquisition, as well as the progress on its 2017 audit and current revenue run rate for 2018.”
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 sent out word that it has soft-launched its SingleSeed payment bitcoin payments solution. This announcement came in conjunction with a key technical support marker as shares pivoted higher off of the 200-day simple moving average – a level widely watched by market technicians.
“We are firing on all cylinders and pushing the boundaries to make SinglePoint a highly successfully, scalable company. I hope this breakdown of projects has provided the insight and confidence to our shareholders that we are heading in the right direction. We are happy to be in the position we are in, and will continue to take advantage of the opportunities that present themselves,” states SinglePoint President Wil Ralston.
Recent action has seen 13% tacked on to share pricing for the listing in the past week, but this action is running counter to the larger trend in the name. That said, SING has evidenced sudden upward volatility on many prior occasions. Furthermore, the stock has registered increased average transaction volume recently, with the past month seeing 11% beyond what we have been seeing over the larger time frame.
Currently trading at a market capitalization of $62.9M, SING has a stash ($137K) of cash on the books, which compares with 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 flat action on the top-line on a quarterly y/y basis. This is an exciting story, and we look forward to a follow-up chapter as events transpire. 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.