$UMGP Stocks Under $1 About To ExplodeUniversal Media Group Inc. (OTC: UMGP) is a leader in the production and distribution of media content in different genres through several media platforms. At the same time, UMGP is focused on producing celebrity-based content through social media and streaming platforms. With the company promising a series of announcements this week, UMGP stock is landing on investors’ radars as one of the top stocks under $1 to watch. Given that the news could be related to a new show or a collaboration with Netflix, Inc. (NASDAQ: NFLX), the stock seems to be poised to soar once the news is released.
UMGP Fundamentals
As things stand, UMGP stock is likely to run this week due to a series of major announcements regarding “exciting opportunities”. Odds are one of these announcements is about a new Netflix TV show. This speculation stems from the fact that the company previously shared that it was setting up PR regarding a new show back in June which was delayed.
Moreover, the company hinted at the possibility of utilizing Netflix multiple times last month which could see the new show available on Netflix. If that is the case, UMGP may soar given the potential exposure its show would receive which would eventually on the company’s revenues.
Meanwhile, there are other possible announcements regarding the development of Universal Streams – the company’s AI-oriented streaming service. On that note, little is known regarding the nature of Universal Streams aside from its utilization of AI algorithms which is why an update regarding this venture may be exciting for shareholders.
Another possible announcement could be regarding an update on the company’s show – Before The Fame. With that in mind, the company recently changed the intro of Before The Fame and tweeted about the show multiple times. These actions could be a prelude to UMGP transferring the show’s new episodes from Vimeo to a more notable platform. Given the significance of such news, UMGP could soar this week on these potential announcements – making it one of the stocks under $1 worth watching this week.
UMGP Financials
According to UMGP’s 2023 annual report, its assets remained relatively unchanged YoY at $2 million, that being said, its cash balance increased YoY from $36.5 thousand to $76.3 thousand. On the other hand, liabilities increased during that time from $2.8 million to $3 million.
When it comes to revenue UMGP made $25 thousand in the fiscal year 2023 compared to making no revenue over the same year-ago period. However, its expenses increased substantially YoY from $74.8 thousand to $235 thousand likely due to the fact that UMGP is currently working on developing its new AI streaming platform Universal Streams. Given this surge in expenses, it comes as no surprise that its net loss increased YoY from $167 thousand to $364 thousand.
Technical Analysis
UMGP stock is in a neutral trend and is trading in a sideways channel between $0.23, and $0.37. Looking at the indicators, the stock is above the 200, 50, and 21 MAs which is a bullish indication. Meanwhile, the RSI is neutral at 63 and the MACD is curling bearishly.
As for the fundamentals, UMGP is planning to share a series of announcements this week which could see the stock soar since one of the announcements could be regarding a new Netflix show. Given the significance of such news, bullish investors could wait for a successful break of the resistance with a pullback to enter long positions ahead of the anticipated announcements.
UMGP Forecast
Currently, UMGP is one of the most exciting stocks under $1 to watch this week as the company is set to make a series of major announcements this week. One of these announcements could be about a new Netflix show, while the others may be about the company’s new AI streaming platform or a new season of Before the Fame. In all cases, these announcements could cause the stock to skyrocket this week which makes UMGP stock one to watch closely this week.
