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Tuesday, December 1, 2020

Is SinglePoint, Inc. Common Stock (OTCMKTS:SING) Set to Rip on Crypto Move?

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Back in January, we suggested that SinglePoint, Inc. Common Stock (OTCMKTS:SING) might be set up for a pullback. Well, we’ve seen that pullback take shape, and now the real question is whether this stock can catch fire again. It’s an interesting play as a crossover in the cannabis and crypto areas, and the company has some recent catalysts that could serve to juice the action further from here.

Specifically, the company just announced that it has completed production of their crypto wallet application commercial featuring original Shark Tank member Kevin Harrington. According to the release, “The next step for the company will be to receive approvals from the major national networks. SinglePoint has four spots ranging from 15 seconds to two minutes.”

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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We’ve witnessed 52% tacked on to share pricing for the stock in the past week, but that move comes in the context of a larger bearish trend. Moreover, the stock has witnessed a pop in interest, as transaction volume levels have recently pushed 91% above the average volume levels in play in this stock over the longer term.

That jump represents the action around this latest presser, and it could be for good reason.

“We are very excited to have this project reach the ultimate goal of getting national air time. We have already been pre-approved on one national network and will now send the commercial spots to others for approval as well. We are confident that this will drive many users to the platform as we will provide an educational document and help those interested in bitcoin and crypto become more familiar and comfortable with it,” states Wil Ralston, President of SinglePoint.

At this time, carrying a capital value in the market of $38.6M, SING has a store ($334K) of cash on the books, which is balanced by about $203K in total current liabilities. SING is pulling in trailing 12-month revenues of $334K. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 18080.8%. We will update the story again soon as further details emerge. 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.

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