SinglePoint, Inc. Common Stock (OTCMKTS:SING) Spikes on Update to Crypto Strategy

SinglePoint, Inc. Common Stock (OTCMKTS:SING) Spikes on Update to Crypto Strategy

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A stock that has really burst back onto our radar over the past month is SinglePoint, Inc. Common Stock (OTCMKTS:SING). This is a dual-threat style play at the intersection of the cannabis and crypto themes. They have had some problems getting this combination off the ground, but appear to be working toward a more sustainable and promising orchestration of this strategy, which has powered the stock higher over the past few weeks. In fact, the company just announced that it is set to present at NIBA, the National Investment Banking Association Conference in New York.

According to the release, “In the past six months, SinglePoint completed audits, up-listed to the OTCQB, filed a Form 10 to become a fully reporting company. All with the intention of increasing transparency and allowing for shareholders to have additional flexibility and liquidity. Additionally, company executives believe these steps will help attract accretive opportunities for the company.” In addition, the company also provided an update on its Kevin Harrington Commercial Launch, Crypto Wallet, and LastMile Delivery.

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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Traders will note 85% added to share values of the listing over the past month of action, 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 32% over what the stock has registered over the longer term.

“NIBA is a great opportunity for SinglePoint. Previously we were unable to effectively present at these large investment banking forums. Now that we have successfully filed our Form 10 the company has many more accretive opportunities. We look forward to introducing SinglePoint to the family office and institutional investment community through NIBA,” states Greg Lambrecht CEO SinglePoint.

According to the release, “Additionally the company is set to launch the cryptocurrency application and national commercial campaign in the coming weeks. The crypto application, which was co-created with AppSwarm (OTC: SWRM), is planned to launch in the coming days on IOS and Android devices. Once fully published, SinglePoint will be able to launch the national ad campaign that is already approved on multiple national media outlets.”

Now commanding a market cap of $54.6M, SING has a reserve ($334K) of cash on the books, which must be weighed relative to 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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