Next Up for Siyata
DENVER, Colo., Dec 18, 2023 (247marketnews.com)- Last week we reported that Siyata Mobile (NASDAQ:SYTA) shares had upward pressure, after consolidating in the $3 range, following the Company’s recent recapitalization and reorganization.
On Thursday, it closed above the 20-day simple moving average for the first time in over two months
The company’s market cap is still well under $2 million, but it’s generating more than 5X its market cap million in sales, so it has plenty of room to grow.
In fact, Siyata’s end-of-year letter focused on growth, including plans on releasing a new 5g product for 2024, and reaching profitability. The profit drivers are growing existing verticals and developing new verticals.
Plus, they changed their business model; in the past, they paid for the equipment out of pocket, which resulted in share price killing funding agreements, but now they have PO financing in place, which will reduces the pressure on the shares moving forward. Additionally, its carrier partners are beginning to stock their products, which will help accelerate its growth trajectory.
Its RSI and MACD
SYTA churned its float multiple times since the reverse and consistently announcing new, and increasingly larger, sales orders, which is one of the metrics that allowed management to state that they should bring the company to profitability in 2024.
As we stated last week, the price indicates resistance in the $4 level, which it touched last week. Its RSI and MACD are strengthening, but both have plenty of room to grow, adding to likelihood of seeing a short squeeze.
So long as this trades above the 20-day simple moving average, this should continue to strengthen.
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Cautionary Statement Regarding Forward Looking Information
Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.