Consumer karaoke products leader The Signing Machine Company Inc (OTCMKTS:SMDM) was in the news yesterday after it made an announcement in relation to the successful launch of the new Carpool Karaoke Party Bus.
Market Action
On Wednesday, SMDM stock fell 4% at $0.36 with more than 19k shares, compared to its average volume of 29K shares. The stock has moved within a range of $0.3320 – 0.3600 after opening trade at $0.3326.
Partners with Honky Tonk Party Express and Launches Carpool Karaoke Party Bus Within the Nashville Area
While it was a significant development for the company, it did not come as a source of optimism for investors and The Signing Machine Company stock fell by as much as 4%. However, it might be a good idea for investors to take a closer look at the new development and then make up their minds about the company’s stock.
It was announced yesterday by the company that the Carpool Karaoke Party Bus was launched recently in Nashville, Tennessee. The bus in question can be rented by groups and the company has claimed that it provides an authentic Carpool Karaoke experience.
It should be noted that Carpool Karaoke has emerged as one of the biggest viral hits in history and hence, the company decided to go for that branding with regards to its party bus. At this point in time, it might be a good idea for investors to add The Signing Machine Company stock to their watch lists and watch its movements carefully.
Traders Note
SMDM stock is trading above the 20-Day and 50-Day Moving averages of $0.35 and $0.35 respectively. However, the stock is trading below the 200-Day moving average of $0.37. The stock is up 3% over the past month.
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