Cryptyde Investor Alert: Why Is Blockchain Penny Stock TYDE Up 100% Today?
Shares of Encryption (NASDAQ:INTERPRETATION) gets off to a warm start to the new year. TYDE stock accelerates higher by roughly 100% after the blockchain company released its 2023 corporate priorities.
Cryptyde highlighted five key priorities for 2023, which include a focus on free cash flow (FCF) and earnings before interest, taxes, deductions and amortization (EBITDA) through the launch of new software-as-a-service (SaaS) products and acquisitions. CEO Brian McFadden added:
“As we enter 2023, we are excited to see our growth and are particularly encouraged by the annual results of our newest holding, Forever 8. We believe that by staying focused on driving growth and innovation, we will be well positioned for to succeed in the coming year and beyond.”
TYDE share rises in 2023 with update of corporate priorities
Through priority No. 1, Cryptyde seeks to identify new revenue-generating opportunities that will help drive FCF and EBITDA. This may include expansion into new markets, acquisitions and the launch of new products or services.
The second priority is raising capital efficiently to drive long-term growth. To achieve this, the company may create new partnerships, use debt financing or accept new investments. Specifically, the recently acquired Forever 8 can make the most of this.
The next priority is to introduce new SaaS products that will contribute to FCF and profitability. Cryptyde seeks to use Forever 8’s features as a service to help improve the inventory process for customers.
Priority #4 describes a plan to identify and evaluate additional acquisition targets. Cryptyde explained, “We believe that strategic acquisitions can be a powerful tool to drive growth and create value, and we are open to exploring opportunities that align with our long-term goals and offer the potential for success.”
Finally, priority #5 is to monitor market conditions and to adjust the company’s strategy based on those conditions.
Meanwhile, McFadden remains very optimistic about Forever 8. He believes the company’s current business model can propel it to become a “world-class value.” Since its inception, Forever 8 has funded over 1,000 stock keeping units (SKUs) and has maintained a customer retention rate of 96%. In addition, it has provided capital to over 30 brands and has “a surplus of $32 million in financed sales.”
At the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Guidelines for publication.
