Wednesday, June 29, 2022

Writ Media Group Inc (OTCMKTS:WRIT) Jumps on the Crypto Roller Coaster

Writ Media Group Inc (OTCMKTS:WRIT) is flirting with the OTC cryptocurrency momentum trading contingency in recent action. That’s our sense. WRIT has been on a roller coaster in the past couple weeks, rising as much as 155% in a matter of days, then falling nearly 50% in the next two sessions. The stock’s wild action comes on the heels of the company’s announcement that it reported revenue of $64,985 for the first quarter of its fiscal year ended June 30, 2017, representing a 571% increase from the previous quarter, following the launch of its Pelecoin crypto currency platform.
“WRIT Media’s growth this last quarter is a reflection of the tangible value and high-quality software that we provide to our clients,” said Eric Mitchell, CEO. “WRIT Media Group takes pride in reducing digital currency volatility and optimizing clients’ mining capabilities by providing unique “mining” software that allows users to mine multiple crypto currencies simultaneously – this reduces risk by spreading the “mining” function across several crypto currencies.”
Writ Media Group Inc (OTCMKTS:WRIT) promulgates itself as a diversified media and software company whose operations are mainly focused on digital currency, trading platforms and blockchain technology.
According to company materials, “WRIT Media Group, Inc. (WRIT) is a diversified media and software company whose operations include digital currency software development, including trading platforms and Blockchain solutions, content production and distribution; and video game distribution via mobile platforms. The Company’s portfolio of wholly owned business units include: Pandora Venture Capital, a financial technology company with a focus on its digital currency, Pelecoin, a new generation of digital currency, Blockchain technology solutions, and the CrypFXPro trading platform. Front Row Networks, a company which produces and distributes live event programming for worldwide digital broadcast to movie theaters and online streaming; Amiga Games, a company resurrecting the Amiga brand by publishing retro video games on smartphones and tablets; Retro Infinity, Inc., a video game distribution portal which publishes video games from Amiga, Atari and other “retro” brands.”
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As noted above, WRIT shares have been on the proverbial roller coaster over recent weeks as the market gets to know this new player on the crypto playing board. It’s latest report of a massive, nearly 600% top-line growth is a big part of the new interest, to be sure.
According to the release, “in addition to enhancing the features of its Pelecoin technology, WRIT Media Group is investing in client acquisition across all businesses and geographies that will benefit from the use of its Pelecoin platform, including large, established organizations as well as emerging growth companies. As a result, WRIT Media intends to accelerate growth by adding new clients and expanding the “mining” capabilities of existing clients, as well as develop new revenue models for business growth.”
WRIT also noted that Pelecoin is now available to the public by registering for a free Pelecoin account and by downloading the Pelecoin miner in order to start mining.
The chart shows 56% piled on for shareholders of the company during the trailing month. Market participants may want to pay attention to this stock. WRIT is a stock whose past is littered with sudden rips. What’s more, the company has registered increased average transaction volume recently, with the past month seeing topping 950% over the long run average.
Traders should note this as important given the stock’s tiny trading float of 6.8M shares. One is wise to respect the dynamic this may create — a restricted trading float and a jump in trading volume can crimp supply and push share prices higher.
At this time, carrying a capital value in the market of $16.43M, WRIT has virtually no cash on the books, which must be weighed relative to about $362K in total current liabilities. WRIT is pulling in trailing 12-month revenues of $76K. In addition, the company is seeing recent top line growth, with sequential quarterly revenues growing at 471.3%. And, as noted above, the company just reported 571% sequential growth, which is even more impressive. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $WRIT 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 $WRIT, either long or short, and we have not been compensated for this article.

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