Month: November 2019

Research – Harte-Hanks (HHS) – Ahead Of Its Turnaround Plan

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Wednesday, November 13, 2019

Harte-Hanks Inc. (HHS)

Ahead Of Its Turnaround Plan

Harte-Hanks is a marketing services company that provides multichannel marketing solutions as well as consulting, data analytics, and strategic assessment. The company’s offerings focus on business-to-business, retail, finance, and automotive segments through digital, social, mobile, and print media offerings. Harte-Hanks strives to develop better customer relationships through its marketing and analytical services for clients. The majority of its revenue is derived from its marketing services in the retail, technology, and consumer brand segments.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • A quarter early.  The company overachieves estimates with a positive cash flow of $203,000, a quarter earlier than expected. Revenues were roughly in line with expectations at $51.4 million. Revenues moderated from the pace of decline in the first half and the company indicated that it is building a pipeline of business.
  • Renegotiated third party agreements. The company right sized its third party agreements, which was adversely affecting profitability. Annualized vendor cost savings are a significant $13.4 million in total and…


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Genie Energy (GNE) – Boring quarter welcomed after rough 2Q

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Wednesday, November 13, 2019

Genie Energy Ltd. (GNE)

Boring quarter welcomed after rough 2Q

Genie Energy Ltd, through its subsidiaries, operates as a retail energy provider; and an oil and gas exploration company. Its segments are Genie Retail Energy (GRE) which is the key revenue generator, Genie Energy Services (GES), and Genie Oil and Gas (GOGAS). GRE owns and operates retail energy providers (REPs), including IDT Energy, Residents Energy, Town Square Energy, and Mirabito. Its REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States. GES designs, manufactures and distributes solar panels and also offers energy brokerage and advisory services. GOGAS is an oil and gas exploration company that owns an interest in a contracted drilling services operation and interest in Afek Oil and Gas (Afek).

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • GNE reported 2019-3Q EPS of $0.18 and adjusted EBITDA of $8.0 million, in line with our $0.17 and $8.6 million estimates. A solid quarter for the company supports claims that disappointing 2Q results were largely weather related.
  • Investing for the future.  GNE’s expansion into the Texas market this summer and Japan in January should pay dividends in 2020 and beyond. Global meters rose to 492,000 from 448,000. International adjusted EBITDA was ($1.6) million versus…


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This Company Sponored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Endeavour Silver (EXK) – Will El Curso Play a Role in Guanacevi’s Turnaround?

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Wednesday November 13, 2019

Endeavor Silver (EXK)

Will El Curso Play a Role in Guanacevi’s Turnaround?

Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation. It is also involved in exploration activities in Chile. The company is organized into three operating mining segments, Guanacevi, Bolanitos and El Cubo, which are located in Mexico as well as Exploration and Corporate segments. The Exploration segment consists of projects in the exploration and evaluation phases in Mexico and Chile.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Initial drilling results are encouraging.  Endeavour reported positive initial drilling results for the El Curso property adjacent to Endeavour’s Guanacevi mine in Durango, Mexico. By our calculation, weighting the grams per tonne by the interval lengths, the weighted average grades for silver, gold and silver equivalents are 671.8 grams per tonne, 1.63 grams per tonne and 802.4 grams per tonne, respectively. For a point of reference, the weighted average grade of Guanacevi’s reserves and resources, excluding silver-gold-lead-zinc mineral resources, are 312.5 grams per tonne of silver and 0.78 grams per tonne of gold.

  • El Curso may play a role in getting Guanacevi to full production. Management plans to drill another 10 holes before year end 2019 and then complete an initial resource estimate. The new mineralization is expected to be included in the …


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This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Does the recent RAS inhibitor data show that we can effectively treat RAS-related cancers?

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Does the recent RAS inhibitor data show that we can effectively treat RAS-related cancers?

(Note: companies that
could be impacted by the content of this article are listed at the base of the
story [desktop version]. This article uses third-party references to provide a
bullish, bearish, and balanced point of view; sources are listed after the
Balanced section.)

The RAS pathway is one of the most frequently dysregulated pathways in cancer. Approximately 30% of tumors harbor activating RAS gene mutations. There are three main isoforms of oncogenic RAS: KRAS, HRAS and NRAS.  Among these genes, KRAS is the most frequently mutated (90% of pancreatic cancers, 35% of colon cancers). In comparison, NRAS and HRAS are mutated in a lesser number of cancer patients (for example, 15% of melanomas and 4% of head and neck cancer patients carry mutations in NRAS and HRAS, respectively).

The RAS protein family consists of low molecular weight guanosine 5-triphosphate (GTP, the building block of protein synthesis)-binding proteins that orchestrate a variety of cellular signaling networks. These pathways or networks are essential to regulate a variety of cellular functions including cell proliferation, differentiation, and cell survival. The three RAS proteins (N-RAS, H-RAS and K-RAS) oscillate between an active (GTP-bound) and an inactive (GDP-bound) state. When RAS genes are mutated (typically at codon 12, 13 or 61), RAS proteins are constitutively activated (continuously binding to GTP), which induces a pro-tumorigenic state characterized by unregulated cell proliferation and resistance to apoptosis (evading death signals). Constitutively activated RAS proteins trigger downstream signaling responsible for phenotypic traits known as hallmarks of cancer including: i) aberrant cell proliferation, ii) resistance to apoptosis (evasion of death signals), iii) increase in migration, cell invasion and metastasis to different tissues and iv) escaping the anti-tumoral immune response. The phenotype of many cancer cells is determined by RAS-dependent aberrant signal transduction pathways involving various oncogenic proteins acting downstream of RAS (Exhibit 1).

Exhibit 1. RAS signaling pathways involved in
human cancer

Source: Seminars in Cancer Biology 54 (2019) 138–148

RAS is an important therapeutic target, but is it a druggable
target?

The high mutational rate of RAS genes in cancer patients, combined with the fundamental role of RAS proteins in cancer biology, makes the RAS family of oncoproteins a primary therapeutic target. Since its discovery in 1982, both academia and industry have made significant efforts to develop an anti-cancer medicine targeting RAS. Despite these intensive efforts, there are no FDA approved anti-RAS drugs at present. Multiple clinical failures have led to the general perception that the oncogene RAS is “undruggable”.

Research – Cumulus Media (CMLS) – Building Value Through Aggressive Debt Reduction

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Tuesday, November 12, 2019

Cumulus Media Inc. (CMLS)

Building Value Through Aggressive Debt Reduction

CUMULUS MEDIA, Inc. (NASDAQ: CMLS) is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 428 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYS, the American Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with local impact and national reach through on-air, digital, mobile, and voice-activated media solutions, as well as access to integrated digital marketing services, powerful influencers, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Overachieves Q3 estimates.  Q3 revenues of $280.8 million was better than our $276.1 million estimate. Cash flow, Adj. EBITDA, was better than expected as well ($58.7 million versus our $51.9 million estimate). The better than expected results were largely due to stronger Digital advertising.
  • Q4 pacings appear soft, but  Q4 was anticipated to be a difficult comp given the absence of year earlier Political, but pacings are soft. Despite the lackluster Q4 revenue outlook, management anticipates achieving $204 million to $205 million in…


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This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Pangaea Logistics Solutions (PANL) – Unique Business Model Delivers Solid Results

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Monday, November 11, 2019

Pangaea Logistics Solutions Ltd. (PANL)

Unique Business Model Delivers Solid Results

Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The firm’s services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Lower-than-expected 3Q2019 numbers but consistent business model delivered solid results amid market volatility.  While short of our estimate, 3Q2019 EBITDA of $17.7 million was higher than 2Q2019 EBITDA of $11.3 million and TCE rates of $15,915/day were the highest in several years and well above $14,360/day in 3Q2018.
  • To reflect the 3Q2019 variance, we updated our 2019 EBITDA estimate  to $50.5 million based on shipping days of…


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This Company Sponored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
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NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Trovagene (TROV) – Q3 2019 Results: Trovagene Continues Progressing

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Monday, November 11, 2019

Trovagene (TROV)

Q3 2019 Results: Trovagene Continues Progressing

Trovagene, Inc. is a clinical stage biotechnology company focused on the development of new therapeutics for hematology and oncology. The company’s clinical programs of Onvansertib (PLK1 inhibitor) include Phase 1b/2 study in AML, Phase 1b/2 study in mCRPC and Phase 1b/2 trial in KRAS-mutant colorectal cancer.

Ahu Demir, Ph.D., Biotechnology Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Progress Made in Three Clinical Programs. Trovagene has made progress in multiple clinical programs including; initiation of Phase 2 study in acute myeloid leukemia (AML) assessing onvansertib in combination with decitabine, multiple data readouts from three clinical programs including AML, metastatic castration-resistant prostate cancer (mCRPC) and KRAS-mutated metastatic colorectal cancer (mCRC)..

  • Third Quarter Results.  The company reported total operating expenses of $4.3 million; $2.8 million of R&D expenses and $1.5 million in SG&A expenses. Trovagene has $9.0 million of cash and cash equivalents, as of September 30, 2019. We have updated our model incorporating reported numbers and …


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – E.W. Scripps Company (SSP) – What Is At The Core Of Q3 Results?

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Monday, November 11, 2019

E.W. Scripps Company (SSP)

What Is At The Core Of Q3 Results?

The E.W. Scripps Co. (www.scripps.com) serves audiences and businesses through a growing portfolio of television, print and digital media brands. After approval of its acquisition of two Granite Broadcasting stations later this year, Scripps will own 21 local television stations as well as daily newspapers in 13 markets across the United States. It also runs an expanding collection of local and national digital journalism and information businesses including digital video news service Newsy. Scripps also produces television programming, runs an award-winning investigative reporting newsroom in Washington, D.C., and serves as the longtime steward of one of the nation�s largest, most successful and longest-running educational programs, Scripps National Spelling Bee. Founded in 1879, Scripps is focused on the stories of tomorrow.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Exceeds Q3 expectations. Q3 revenues were $350.1 million, better than our $343.1 million estimate, with the largest variance due to stronger than expected core advertising. Operating cash flow (adj. EBITDA) was better than expected at $39.0 million versus our $37.8 million estimate.
  • Q4 guidance a little better.  The favorable core advertising trends appear to be continuing into Q4, along with better than expected Poltical advertising. As such, we are raising our Q4 revenue and…


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This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Information Services Group Inc. (III) – Additional 3Q19 Comments; Updated Projections

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Monday, November 11, 2019

Information Services Group Inc. (III)

Additional 3Q19 Comments; Updated Projections

Information Services Group (ISG) (III) is a leading technology insights, market intelligence and advisory services company, serving more than 500 clients around the world to help them achieve operational excellence. ISG supports private and public sector organizations to transform and optimize their operational environments through research, benchmarking, consulting and managed services, with a focus on information technology, business process transformation, program management services and enterprise resource planning.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Continue to Develop ISG Platform.  The ISG Platform is a suite of more profitable products and services and should help drive recurring revenues to $100 million by the end of 2021. In the third quarter, III added 6,000 contract documents and $4 billion of contract value under management just in its GovernX product.
  • Client Base Continues to Expand.  Through the first nine months of 2019, Information Services has served 614 clients, including more than…


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This Company Sponored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – One Stop Systems Inc. (OSS) – Strong 3Q19 Sets Stage for Excellent Full Year 2019

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Friday, November 8, 2019

One Stop Systems Inc. (OSS)

Strong 3Q19 Sets Stage for Excellent Full Year 2019

One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems. The product line of the company includes GPU Appliances, GPU Expansion, GPUs and co-processors, Flash storage arrays, Flash storage expansion, Servers, Disk Arrays, Desktop computing appliances, accessories and parts. The company delivers high-end technology to customers through the sale of equipment and software for use on their premises or through remote cloud access to secure data centres housing technology.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Strong 3Q19.  One Stop Systems reported record revenue of $14.9 million in the third quarter, up 55% y-o-y. GAAP EPS came in at $0.03, versus $0.09 in the year ago period, while non-GAAP adjusted EPS was $0.05 compared to $0.11. Excluding a unique tax benefit in 3Q18, GAAP and non-GAAP EPS actually improved by $0.04 year-over-year. We had forecast $15 million of revenue and GAAP EPS of $0.04.

  • Acquisitions the Driver. OSS’s Bressner and CDI units drove the quarter’s performance as the legacy OSS business revenue was down 2% reflecting the lumpiness of the military contracts. Bressner set a new quarterly revenue record at…


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

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NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Gray Television (GTN) – Does Q3 Political Indicate a Windfall for 2020

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Friday, November 8, 2019

Gray Television Inc. (GTN)

Does Q3 Political Indicate a Windfall for 2020

Gray Television, Inc. operates as a television broadcast company in the United States. As of April 6, 2010, it operated 36 television stations in 30 markets, including 17 affiliated with CBS Inc.; 10 affiliated with the National Broadcasting Company, Inc.; 8 affiliated with the American Broadcasting Company (ABC); and 1 affiliated with FOX Entertainment Group, Inc. (FOX). The company also operated 39 digital second channels comprising 1 affiliated with ABC, 4 affiliated with FOX, 7 affiliated with CW Network, LLC, 18 affiliated with Twentieth Television, Inc., 2 affiliated with Universal Sports Network, and 7 local news/weather channels. Gray Television, Inc. was founded in 1897 and is headquartered in Atlanta, Georgia.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Third quarter results overachieve. Revenues of $517 million was better than our $512 million estimate, with the upside variance Political advertising ($22 million versus our $11 million estimate). Adjusted EBITDA was better than expected at $177 million versus our $158 million estimate.
  • FRetrans miss.  One of the key revenue and cash flow growth drivers, Retransmission and Net Retransmission, missed our Q3 expectations. The company’s Q4 guidance for Retrans and …


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This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Entravision Communications Corporation (EVC) – What It Can Do To Change The Narrative?

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Friday, November 8, 2019

Entravision Communications Corporation (EVC)

What It Can Do To Change The Narrative?

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Q3 results disappoint. Total company revenues of $68.8 million was 2% below our $70.3 million estimate and cash flow at $9.1 million was 27% below our $12.5 million estimate. The biggest variance to our cash flow estimate was in the company’s Digital businesses.
  • Difficult Q4 ahead.  Lackluster core advertising and the absence of Political is likely to weigh on Q4 results. We are lowering our Q4 and …


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.