Author: cpereira@noblefcm.com

Eagle Bulk Shipping (EGLE) – Financial Results Weighed Down By Low Shipping Rates

Posted on by cpereira@noblefcm.com


Monday, March 06, 2023

Eagle Bulk Shipping Inc. (“Eagle”) is a US-based drybulk owner-operator focused on the Supramax/Ultramax mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in size; these vessels are equipped with onboard cranes allowing for the self-loading and unloading of cargoes, a feature which distinguishes them from the larger classes of drybulk vessels and provides for greatly enhanced flexibility and versatility- both with respect to cargo diversity and port accessibility. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.

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

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

Revenues decline despite the addition of ships as shipping rates decline. Eagle reported an 18% quarterly decline in revenues. A ship addition in September increased Eagle’s operating days. Average TCE rate declined 25% quarterly. The decline in revenues would have been much sharper had it not been for an $11 million realized gain from derivatives.

Operating costs continue to rise. Operating costs have risen steadily in recent quarters. Management again cited increased costs associated with transporting and housing Ukrainian employees. Management believes operating costs per ship will decline in upcoming quarters. Cash breakeven per ship days reached a level above $12,000 in the most recent quarter, close to Eagle’s fixed TCE rate in the upcoming quarter.


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*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. 

Codere Online (CDRO) – A More Focused Approach

Posted on by cpereira@noblefcm.com


Monday, March 06, 2023

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.

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

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Strong Q4, better than expected. The company reported year-over-year Q4 net gaming revenue growth of 70% to €37.7 million, illustrated in Figure #1 Q4 Results. The quarterly revenue growth marked an acceleration compared with Q3 revenue growth of 54%. Notably, full-year net gaming revenue of €123 million was better than guidance of €115 million to €120 million.

Our forecast. We are forecasting revenue growth in 2023 to be 48% to €123.0 million, with an adj. EBITDA loss of €25.5 million.  In 2024, we are forecasting revenue of €166.0 million, representing 18% growth above our 2023 forecast. We expect the company to reach adj. EBITDA breakeven in mid-2024 and finish the year with positive adj. EBITDA of €1.5 million.


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*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. 

Blackboxstocks (BLBX) – New Partnership Adds Power To Platform

Posted on by cpereira@noblefcm.com


Monday, March 06, 2023

Blackboxstocks, Inc. is a financial technology and social media hybrid platform offering real-time proprietary analytics and news for stock and options traders of all levels. Our web-based software employs “predictive technology” enhanced by artificial intelligence to find volatility and unusual market activity that may result in the rapid change in the price of a stock or option. Blackbox continuously scans the NASDAQ, New York Stock Exchange, CBOE, and all other options markets, analyzing over 10,000 stocks and up to 1,500,000 options contracts multiple times per second. We provide our users with a fully interactive social media platform that is integrated into our dashboard, enabling our users to exchange information and ideas quickly and efficiently through a common network. We recently introduced a live audio/video feature that allows our members to broadcast on their own channels to share trade strategies and market insight within the Blackbox community. Blackbox is a SaaS company with a growing base of users that spans 42 countries; current subscription fees are $99.97 per month or $959.00 annually. For more information, go to: www.blackboxstocks.com .

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

New Partnership. On Friday, Blackboxstocks announced a partnership with Boosted.ai to enhance artificial intelligence within the Blackbox platform. The platform will be leveraging the partnership to provide actionable alerts for both day trading and long term investment strategies. The partnership will provide Blackboxstocks’ retail investors with sophisticated investment tools and strategies that were previously only available to institutional investors. We view the partnership as beneficial to the Blackbox platform for both new and existing users, along with being an additive to potential marketing to garner new users.

Who Is Boosted.ai? Boosted.ai helps institutional investors energize their equity portfolios with artificial intelligence. Through its point-and-click AI software – Boosted Insights – Boosted.ai assists asset managers in finding opportunities for their funds. Boosted Insights uses machine learning to empower fund managers to augment their investment process to source new ideas, manage risk, and create alpha.


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*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. 

Labrador Gold Corp. (NKOSF) – Extending the Winning Streak

Posted on by cpereira@noblefcm.com


Friday, March 03, 2023

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

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

Well-funded drilling program. Exploration and drilling at the company’s 100%-owned Kingsway gold project is targeting the Appleton Fault over a 12-kilometer strike length. With approximately C$17 million in cash and over 66,000 meters of the company’s planned 100,000-meter drill program completed, Labrador Gold has ample financial resources to fund the rest of the drill program. Assays are pending for samples from approximately 3,000 meters of core.

Favorable drill results. Recent drilling results included Hole K-22-213 from Big Vein Southwest that intersected 1.38 grams of gold per tonne over 4.15 meters from 464 meters. Hole K-22-214 from Big Vein intersected 1.19 grams of gold per tonne over 41.8 meters from 397 meters that included 2.32 grams of gold per tonne over 18.6 meters, including 61.15 grams of gold per tonne over 0.3 meters that contained visible gold.


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*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. 

Lee Enterprises (LEE) – Maintaining Its Favorable Cash Flow Outlook

Posted on by cpereira@noblefcm.com


Friday, March 03, 2023

Lee Enterprises, Incorporated provides local news, information, and advertising primarily in midsize markets in the United States. It publishes 49 daily newspapers, as well as offers 300 weekly newspapers and specialty publications in 23 states. The company also provides online advertising and services; and online infrastructure and online publishing services for approximately 1,500 daily and weekly newspapers and shoppers. In addition, it offers commercial printing services. The company has a strategic alliance with Yahoo!, Inc. to provide its classified employment advertising customer base the opportunity to post job listings and other employment products on Yahoo!�s HotJobs national platform. Lee Enterprises, Incorporated was founded in 1890 and is based in Davenport, Iowa.

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

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Slow start to the year. The company reported fiscal Q1 revenue of $185 million and adj. EBITDA of $17.6 million, below expectations, illustrated in Figure #1 Q1 Results. The slow start to the fiscal year was the result of a print revenue decline 18% to $120 million. Digital increased a strong 17% to $65 million, and now accounts for a record 35% of total company revenue.

Right-sizing its business.  Given a weak print advertising environment, management announced that it implemented additional cost reductions, expected to result in $40 million of savings in FY 23, and $60 million in annualized savings going forward. Additionally, there is approximately $30 million in noncore assets that it will seek to monetize in FY 23.


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*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. 

Endeavour Silver (EXK) – All Eyes on Terronera

Posted on by cpereira@noblefcm.com


Friday, March 03, 2023

Endeavour Silver is a mid-tier precious metals mining company that operates two high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

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

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

Fourth quarter and full year 2022 results. Endeavour reported fourth quarter and full year 2022 adjusted earnings per share of $0.04 and $0.04 per share, respectively, compared to fourth quarter and full year 2021 adjusted EPS of $(0.00) and $(0.05). We had forecast fourth quarter and full year EPS of $0.07 per share and $0.10, respectively. Fourth quarter and full year adjusted EBITDA were $23.4 million and $56.5 million, respectively. While revenue was largely in line with our estimates, costs were higher. At year-end, Endeavour held 530,250 ounces of silver and 1,707 ounces of gold in bullion inventory.

Updating estimates. We now forecast 2023 EBITDA and EPS of $59.0 million and $0.09 compared to our previous estimates of $59.2 million and $0.11, respectively. Our estimates are based on silver and gold production of 6.1 million ounces of silver and 38,402 ounces of silver.


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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 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. 

PDS Biotechnology Corp. (PDSB) – Peer-Reviewed Journal Published PDS0301 Studies

Posted on by cpereira@noblefcm.com


Thursday, March 02, 2023

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted cancer and infectious disease immunotherapies based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technology platforms. Our Versamune®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The Company’s pipeline products address various cancers including HPV16-associated cancers (anal, cervical, head and neck, penile, vaginal, vulvar) and breast, colon, lung, prostate and ovarian cancers.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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

PDS0301 Data Published. The peer-reviewed journal International Immunopharmacology published a paper from scientists at the National Institutes of Health describing studies with PDS0301. The paper provides data showing how PDS0301 stimulates an immune response and its correlation with efficacy in Phase 2 studies.  We see the publication as a positive that supports the clinical progress and use of PDS0301 in immuno-oncology.

Development and Actions.  The article describes how PDS0301 was developed as a fusion protein, consisting of an antibody conjugated to Interleukin 12 (IL-12). Its targeting mechanism directs PDS0301 to the DNA/histones in tumor-necrotic regions of the tumor, avoiding the bloodstream and concentrating IL-12 in the tumor microenvironment. This avoids the systemic toxicity and serious adverse events that have limited dosing and efficacy of recombinant IL-12.


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*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. 

DLH Holdings (DLHC) – Selected for a New Contract

Posted on by cpereira@noblefcm.com


Thursday, March 02, 2023

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

More Work. On Tuesday, DLH’s subsidiary Grove Resource Solutions LLC (“GRSi”) was awarded a multiple-award blanket purchase agreement to provide IT services to the National Cancer Institute’s (“NCI”) Center for Biomedical Informatics and Information Technology. The award is for a five-year period with an aggregate ceiling totaling $1.7 billion, and DLH will join seven other awardees in the contract.

Specifics. DLH will be acting as a prime vendor on the contract and provide NCI with the specialized professional IT support required to accomplish their goals. Other orders under call in the contract could include operations and maintenance, information systems security, service desk, engineering, cloud platform management and support, enterprise Software as a Service (“SaaS”) platform management, data management, etc.


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*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. 

Aurania Resources (AUIAF) – On to Something Big?

Posted on by cpereira@noblefcm.com


Thursday, March 02, 2023

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

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

Significant epithermal system discovery. Preliminary results from three holes drilled at the Tatasham porphyry copper target revealed the discovery of a large epithermal system making Tatasham highly prospective for gold. The hydrothermal system at Tatasham is characterized by strong silicification surrounding hydrothermal breccias. While the first three holes are regarded as discovery holes of the epithermal system, additional work is needed before economic drill results can be expected.

The next Fruta del Norte? Tatasham shares similar characteristics with the Fruta del Norte gold deposit which was discovered in 2006 by Aurelian Resources which at the time was headed by Aurania’s CEO, Dr. Keith Barron. Fruta del Norte is approximately 100 kilometers to the south of Tatasham in a similar geological setting. The drilling program at Tatasham revealed silica sinter over a 2.7 kilometer strike length at surface and in drill core. Similar in character to those discovered at Fruta del Norte, zones of oxidized hydrothermal breccia were intersected below the sinter.


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*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. 

Sierra Metals (SMT:CA) – Lowering Estimates

Posted on by cpereira@noblefcm.com


Wednesday, March 01, 2023

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

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

Weaker than expected Yauricocha financial results. Sierra Metals’ subsidiary Sociedad Minera Corona S.A, whose principal asset is the Yauricocha mine in Peru, recently filed its financial results for the fourth quarter and full year 2022. Fourth quarter and full year EBITDA were $(6.1) million and $14.2 million, respectively, compared with $19.0 million and $88.0 million during the prior year periods. Recall Sierra holds an 81.8% interest in Corona whose financial results have not been adjusted for the 18.2% non-controlling interest.

Lowering estimates. We have lowered our fourth quarter and full year 2022 EBITDA and EPS estimates to reflect weaker than expected performance at the Yauricocha mine in Peru. We forecast fourth quarter EBITDA and EPS of $(3.5) million and $(0.07), respectively, compared to our previous estimates of $0.4 million and $(0.05). For the full year, we project EBITDA of $10.0 million and a loss per share of $(0.17) compared with our previous estimates of $13.9 million and $(0.15), respectively. Our 2023 EBITDA and EPS estimates remain unchanged at $37.3 million and $(0.04). While our quarterly estimates reflect steady improvement, operational uncertainty associated with production at the company’s mines clouds our confidence in 2023 estimates.


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*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. 

Ocugen (OCGN) – FY2022 Reported With Pipeline Updates

Posted on by cpereira@noblefcm.com


Wednesday, March 01, 2023

Ocugen, Inc. is a biotechnology company focused on developing and commercializing novel gene therapies, biologicals, and vaccines. The lead product, Covaxin, is a killed-virus vaccine for COVID-19 in-licensed from Bharat Biotech (India). The lead product in its gene therapy program, OCU400, is in Phase 1/2 clinical trials for retinitis pigmentosa.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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

Financial Results Were Within Expectations.  Ocugen reported 4Q22 and FY2022 Net Loss of $21.9 million or $(0.10) per share, and $81.4 million or $(0.38) per share for FY2022. Cash on hand as of December 31 was $90.9 million or $0.41 per share, which management projects will fund operations through 1Q24. On its quarterly conference call, management discussed recent milestones and development programs in gene therapy, cellular therapy, and vaccines.

Ophthalmology Programs Are Advancing.  Ocugen filed an IND for OCU200 to begin Phase 1 clinical trial in diabetic macular edema (DME), meeting the expected timeframe. Trial enrollment is expected to begin in 2Q23. A second IND filing is expected during 2Q23 for OCU410 in dry AMD and OCU410ST in Stargardt disease. The Phase 1/2 dose testing OCU400 in retinitis pigmentosa (RP) escalation phase previously completed enrollment for the RP cohort, with enrollment continuing in the Leber congenital amaurosis (LCA) patient cohort. Phase 3 is expected to start by year-end 2023.


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*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. 

Defense Metals Corp. (DFMTF) – Advancing Toward a Compelling Preliminary Feasibility Study

Posted on by cpereira@noblefcm.com


Wednesday, March 01, 2023

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

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

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

Favorable crushing and grinding test results. Defense Metals reported favorable crushing and grinding (comminution) results using multiple samples extracted from the Wicheeda deposit. The results will help determine the design of the crushing and grinding plant which will be included in the company’s Wicheeda REE project preliminary feasibility study (PFS) that is expected to be completed in the first quarter of 2024.

The importance of starting off right. Crushing and grinding is the first step in processing mined material where ore is reduced to sand-like particles suitable for upgrading by flotation or other means. It accounts for a fairly significant percentage of the mineral processing plant energy requirements, production cost, and carbon emission profile.


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*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. 

Codere Online (CDRO) – Expediting Its Profit Timeline

Posted on by cpereira@noblefcm.com


Wednesday, March 01, 2023

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.

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

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Strong Q4, better than expected. The company reported year-over-year Q4 net gaming revenue growth of 70% to €37.7 million, illustrated in Figure #1 Q4 Results. The quarterly revenue growth marked an acceleration compared with Q3 revenue growth of 54%. Notably, full-year net gaming revenue of €123 million was better than guidance of €115 million to €120 million.

CEO change, strong management bench. The company announced that Moshe Edree will step down as CEO and begin serving as Executive Vice Chairman. Aviv Sher is assuming the role of CEO, having previously served as the company’s COO. Mr. Sher has worked in the industry for more than 15 years.


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*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.