Sometimes certain stocks move in a big way without any development or news and although it remains a mystery for investors, it might still be worthwhile to have a look at the company. Clues might be found in the past.
One of the stocks that made such a massive move last week was that of Sun Pacific Holding Corp (OTCMKTS:SNPW).
Sun Pacific Holding Corp (OTCMKTS:SNPW) stock soared by as much as 400% over the course of the previous week but there was no news regarding the company, and now SNPW is crashing back to earth.
Considering the gains made by the company, it is likely that more and more investors are going to have a close eye on SNPW stock in the coming days.
In this regard, it is necessary to go back to a development that took place back in October last year. Back on October 5, 2020, the company announced that its fully owned subsidiary Street Smart Outdoor Corp (SSOC) signed a five year agreement with the Township of Howell New Jersey.
The agreement is with regards to outdoor advertising that is going to go up on street furniture. The outdoor advertising industry has grown at a pretty impressive pace and back in 2019, the total spend on such advertising stood at as much as $39.42 billion globally.
That being said, it is also important to keep in mind that the figure is actually expected to come down and drop of $37.1 billion due to the coronavirus pandemic.
Sun Pacific has however stated that it seeks to benefit from the continued rise in advertising growth in the years to come.
The company is currently trying to expand its presence at a national level and hence, tying up deals with national advertisers could prove to be the way to go in that regard. It seems Street Smart Outdoor Corp is going to be a big part of the company’s growth strategy.
Disclaimer We hold no position in SNPW stock.