Carsmartt Inc (OTCMKTS: CRSM) is living up to expectations on serving a new groundbreaking catalyst that is fuelling the upward momentum. The stock has exploded on a huge turnover of traded shares, signaling strengthening investor confidence about the Company’s prospects in the ride-sharing business.
OTCMKTS CRSM Price Analysis
The catalyst fuelling the upward momentum this time is the confirmation of a new CarSmartt App for both iOS and Android. The landmark app is poised to enhance the Company’s competitive edge at a time of fierce competition with the likes of Uber and Lyft for market share in the ride-sharing business.
Investor’s reaction to the new app has been swift, given its potential impact in drawing drivers as well as customers into the platform. The stock has since skyrocketed to record highs, trading volumes having also spiked.
A spike to the $0.19 level means the stock is up by more than 800% for the year in what is turning out to be an inflection point after months of underperformance. While the stock looks set to continue powering high, given the strength of the upward momentum, pullbacks should provide ideal entry positions.
As it stands, pullbacks will have to contend with support at the $0.09 level. Above the critical support level, CarSmartt remains well positioned to continue climbing the ladder. However, a breach of the support level could leave the stock susceptible to further drops.
In our view, CarSmartt is well positioned to continue surging on pullbacks given the improved underlying fundamentals.
What Does CarSmartt Do?
CarSmartt operates as a ride-sharing Company. The firm has developed the CARSMARTT.com application that enables long distance ride sharing as well as package delivery in the U.S as well as other markets. Based in Palo Alto, California, the Company is seeking to make long and short distance traveling safer and more affordable.
CarSmatt Improved Competitive Edge
Shares of CarSmartt are exploding on strengthening investors’ confidence about the Company’s long-term prospects as well as growth prospects. The trigger behind renewed investor interest in the stock is the unveiling of a new CarSmartt application that comes with multiple features designed to enhance competitive edge at a time of fierce competition with the likes of Uber and Lyft.
Some of the newly introduced features will make it easier for drivers to earn more money, something that should entice most of them to jump ship and sign up for the app. The newly introduced app will also make it easier for riders to save more on fares.
Rivaling Uber and Lyft
According to the Chief Executive Officer, Robert Scott, the new app seeks to address some of the challenges faced by drivers riding under the Uber and Lyft umbrella. In the recent past, the drivers have held demonstrations while pushing for better pay and transparency under the Uber and Lyft app.
“At CarSmartt, we value hard work; drivers will earn 90% of the total fare improving their lives significantly. We are expecting many users to download the App as a third option to Uber and Lyft. A marketing campaign will start in the Miami-Fort Lauderdale area immediately. Also, CarSmartt has an advertisement display, each time a rider or driver opens the App., a banner will appear on the screen to promote local businesses within 5 miles radius,” stated Mr. Scott.
With the new app, CarSmartt remains well positioned to experience an increase in revenues more so from the advertising component. This is one of the reasons why investors have continued to push the stock up the chart. However, the ride-sharing firm has confirmed that its primary goal is to ensure an increase in income and happiness for the drivers.
What Next For CarSmartt
OTCMKTS CRSM rally in the market has been vindicated with the unveiling of a new application that signals to underline innovation as well as long-term prospects. The fact that the new app has the potential to generate significant revenues from the advertising component explains why investors are once again falling in love with the stock.
The ridesharing firm taking the fight to Uber and Lyft with an app that guarantees more income for drivers is another development that continues to excite the markets. That said the Company looks set to experience a spike in drivers joining the app given the amount of income guaranteed.
CarSmartt is a buy-the-dip play as it looks set to continue climbing the ladder.
We will be updating our subscribers as soon as we know more. For the latest updates on OTCMKTS CRSM, sign up below!
Disclosure: We have no position in any of the securities mentioned and have not been compensated for this article.