The stock price of On The Move Systems Corp (OTCMKTS:OMVS) failed to build on initial gains recorded earlier in the week. In last trading session, the stock declined over 21% to close the trading session at $2.00. The company has been watching fellow shared economy leader Uber with increased interest in recent weeks, particularly after the ridesharing leader finalized a major new financing agreement that makes its total market valuation touch $50 billion.
The private financing agreement indicates that Uber has touched the staggering $50 billion mark faster than other companies in history. It even managed to beat Facebook Inc (NASDAQ:FB) which took 7 years to touch the $50 billion mark. The CEO of On The Move Systems, Mr. Robert Wilson said that Uber is their role model. They have proven that the shared economy business plan definitely works, and there are heavy hitters who believe in this concept.
Like Uber, the company intends to transform into a successful shared economy firm and create value for investors. On The Move intends to achieve this by its proposed courier service and the upcoming trucking platform.
On The Move Systems has taken several measures towards bringing its “Uber-for-Trucking” app to fruition. The company recently finalized a letter of intent for its advancement. It has identified strong market potential for the state-of-the-art platform among mid and small-market trucking companies.
Along with this, the company continues to evaluate alternatives for a shared economy courier services so as to get additional revenue source. Its plans for both the trucking platform and courier service got a remarkable boost after a recent survey disclosed almost three out of four U.S. citizens might use the new shared economy service in next few years.
The weekly candle of On The Move Systems Corp (OTCMKTS:OMVS) at this point shows the form of a Turning Top, with long wicks on both the sides. That pattern generally denotes indecision but with the last session of the week still left, the form may change and give a clear directional signal. In the smaller time frame, the picture is not much clearer as the stock recovered almost 458% from the day low yesterday despite closing with a big loss of 21.57%. The volume of 175.000 was considerably higher than the daily average of 117,000, indicating the intense battle between the bulls and the bears.