SinglePoint, Inc. Common Stock (OTCMKTS:SING) continues to press toward a potential major range breakout. The stock has positioned its narrative as a crossover theme play with ties to both the cannabis and cryptocurrency parties. Technically, the picture is very rosy right now, with resistance under attack at the $0.12-0.14 zone.
The company also just apparently executed a Letter of Intent with Glb PAYOUT Inc/SH (OTCMKTS: GOHE), a leading provider of comprehensive and customized prepaid payment solutions for domestic and international organizations distributing money worldwide. The goal is to begin collaborating to maximize GOHE’s existing suite of financial technology solutions, including those utilized by its majority owned subsidiary, MoneyTrac Technology, Inc.
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, SING’s chart is belting out a nice melody right now as the company continues to stay in rhythm with the two most powerful momentum themes on the OTC at present, in cannabis and crypto. The company also just announced it has struck a chord with GOHE, and the two companies are planning to perform a duet and harmonize in the fintech space.
According to Global CEO, “SinglePoint’s knowledge and expertise in mobile payments and other mobile technology offerings is something we believe could be a significant addition to the financial payment platforms we have developed, and are still developing, for our clients in the many different industries we serve. We are also eager to use this agreement as an opportunity to examine how a partnership with SinglePoint can be leveraged to enhance the payment and financial solutions offered by MoneyTrac Technology, our majority owned subsidiary is focused on offering in the rapidly expanding multibillion dollar cannabis industry.”
We’ve witnessed 54% added to share values of the listing over the past month of action. This is emblematic of the stock. SING is a stock whose past is littered with sudden rips. What’s more, the company has seen interest climb, with an increase in recent trading volume of 65% above its longer-run average levels.
At this time, carrying a capital value in the market of $97.7M, SING has a reserve ($137K) of cash on the books, which stands against 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 declines on the top-line on a quarterly y/y basis, with revenues falling at 0%. 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.