BillMyParents, Inc. (BMPI) stock has doubled in the last few weeks alongside a uptick in volume. The Company formally known as Socialwise, Inc. (SCLW) changed its name and symbol back on June 13, 2012. Trading activity in the stock, which provides payments solutions targeted to teens, young adults and their parents started picking up in late July. There hasn’t been much in the way of news or promotional activity to explain the increase in price and volume since May.
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BMPI Stock Chart
Close: 0.70
Volume: 229,886
Open: 0.71
High: 0.74
Low: 1.01
Shares Outstanding: 98,269,842
Back in May the Company announced that it has entered into a partnership with leading Consumer-to-Consumer social marketing platform, Extole. BillMyParents will incorporate Extole’s Refer-a-Friend program to existing initiatives promoting the reloadable prepaid BillMyParents SpendSmart MasterCard card for teens.
The bigger news and perhaps a catalyst for the recent activity was the announcement of the Company’s new CEO, Michael McCoy who joined the firm after leaving his position as President of Wells Fargo’s credit card division.
In addition, BMPI’s management team is back by a highly experienced early-stage investment team lead by Board of Directors member Isaac Blech, who put his single largest upfront investment into BillMyParents, Inc. Companies in which Mr. Blech has been a founding shareholder now have a combined value of over $35 billion. These companies include Celgene Corporation and ICOS Corporation.
About BMPI Stock
The Company offers a solution for parents who want to help their teens develop smart spending habits. The BillMyParents SpendSmart MasterCard card is the instantly trackable, reloadable MasterCard prepaid card that lets parents and teens track spending in real time. Features include the ability to instantly lock, unlock and reload the card at any time; text alerts to parents and teens showing real-time transaction details with each purchase; and the freedom and security of a MasterCard prepaid card without the risk of overdrafts, accruing debt or affecting credit scores. BillMyParents provides parents with a modern way to help teach their teens financial responsibility, when it counts.
Bottom Line: It is unusual to see a penny stock make a jump like BMPI without any promotional activity. This is one to ad to the watchlist due to some of the names involved and see how things develop in the next few weeks.
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