Friendable Inc (OTCMKTS:FDBL) Trying To Rebound

Shares of Friendable Inc (OTCMKTS:FDBL) are trying to rebound after retracing April's mammoth move higher. This typically happens with a momentum stock. It will rocker higher and then pull back to a retracement level. In this case, FDBL pulled back to the 50% level and is now bouncing. The key for FDBL is can the recovery continue and will shares again reach the April highs?Friendable describes itself as "the mobile-social network focused on the future, rather than sharing the past, where it's all about having location specific and nearby opportunities to connect with others. The Friendable brand represents a friends-first approach and takes all the pressure off for its users, making it simple to make new connections, create meetup style events or simply tell others what you are "Friendable for." Then, based on shared interests and location, users can engage with what makes sense for them. Increased user interactions will allow Friendable to offer advertising and sponsorship opportunities to local venues and businesses, and begin to generate revenue by providing these venues with location specific opportunities to reach potential customers when it matters most: when they are nearby and looking for something to do or someone to do it with. As of April 2016 Friendable has over 1 million downloads and 700,000 registered users."Friendable made international news last month after appearing in Jennifer Lopez’s new music video for her hit song “Ain’t Your Mama.” The company continues to reap dividends from this affiliation as Friendable reported the Friendable app metrics are up, with downloads and session times increasing, after only its first week of being featured in the Jennifer Lopez "Ain't Your Mama" music video. Friendable's monthly downloads for 2016 have been approximately 20,000 per month and the company had shown increasing results month-over-month prior to any celebrity branding. Based on JLo's 35 million Twitter, 45 million Facebook, and 44 million Instagram followers, Friendable expects its user growth rate to continue increasing. Friendable CEO Robert Rositano Jr said:

"These early results are impressive and we only expect them to get better. Jennifer Lopez is a YouTube superstar averaging over 200 million views per video. 'Ain't Your Momma' has only just begun with its approximate 30 million views, so this could be just the tip of the iceberg as far as our exposure goes."

For May, the company posted total downloads of 37,470 with 16,481 originating from Apple's iTunes App Store and 20,989 coming from Google's Android PlayStore. Mays's download numbers represented a 29% increase over April downloads and a 43% increase over March downloads. In addition, Friendable app rankings in Apple's iTunes App Store continue to trend higher reaching record highs in 6 countries in both the social media and overall app categories. The company's paid version of its iOS app continues to gain ranking advances based on Apple's measurement criteria and reached the number 26 position of all Paid US Social Networking Apps on Sunday, May 29th. This user growth should continue. As CEO Robert Rositano Jr said:

"On Wednesday, Hollywood icon Jennifer Lopez invited her 45.5 million Facebook fans to check out the Friendable app, reflecting on the app's appearance in her recent music video Ain't Your Mama." Last week we were fortunate to see a few posts from Austin Mahone, which fired up the younger crowd to take notice, and I'm excited to say that we are now seeing additional downloads and social buzz among adults in the 18-year-old and above age bracket. We attribute this to our increased focus on social media in general, additional brand exposure across various market segments, and of course our recent celebrity affiliations."

Currently trading with a market cap of $3.34 million, FDBL needs to translate its exposure into revenues. The company certainly realizes this and stated as its number one goal:

Our team has one goal: increasing shareholder value by attracting more users and providing an experience which encourages them to spend more time in the app, which we believe will ultimately attract advertising revenue. We believe we are making significant advances in each of our focus areas and will continue to analyze and strengthen our initiatives for growth.

In looking at the company's financials, FDBL and its management team better hurry up. For the quarter ending March 2016, FDBL reported just $11k in revenues and a $1.2m net loss. FDBL has shown that it can be a microcap runner overnight, but we need some solid news to get investors excited and back into the stock again. We will be updating Insider Financial as soon as we know more. For continuing coverage on FDBL, sign up for our free newsletter today and get our next hot stock pick!Disclosure: We have no position in FDBL and have not been compensated for this article.