Author: cpereira@noblefcm.com

Blackboxstocks (BLBX) – A Wild Day

Posted on by cpereira@noblefcm.com


Tuesday, February 28, 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.

CEO Form 4. On February 27th, the SEC released a Form 4 filing by CEO Gust Kepler that reported Mr. Kepler’s purchase of 1,130,002 BLBX shares on February 23rd at a price of $3 per share. The purchased increased Mr. Kepler’s direct common stock holding to 3,462,070 shares. According to the Company, this was a private transaction not conducted on an exchange. Mr. Kepler also owned 3,269,998 Series A Preferred shares as of December 27, 2022 that can be converted into common shares.

Investor Reaction. On Monday, BLBX shares rose 47% to close at $0.81 on 16.8 million shares traded. Normal average daily volume is 554,000 shares and the last time BLBX shares traded consistently in the $3 level was back in 2021, excluding a one-time spike in the share price in April 2022.


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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. 

PDS Biotechnology Corp. (PDSB) – Triple Therapy Registration Trial Requirements Announced

Posted on by cpereira@noblefcm.com


Tuesday, February 28, 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.

Triple Therapy Advances.  PDS Biotech announced that the FDA has agreed to requirements for a registration trial using PDS0101 “Triple Combination” therapy in head and neck cancer. The study will test the combination of PDS0101, PDS0301, and a commercially available checkpoint inhibitor. We believe the changes from the previous trial should make regulatory approval faster, with additional tumor types added after market entry.

New Combination Eliminates An Unapproved Checkpoint Inhibitor. The new Triple Combination uses PDS010 to stimulate an immune response against the HPV antigen, PDS0301 to stimulate a robust immune response, and a checkpoint inhibitor to allow the immune system to recognize the tumor cells. The previous trial included bintrafusp alfa, an experimental checkpoint inhibitor. We believe the change to an approved checkpoint inhibitor simplifies the regulatory path.


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LithiumBank Resources (LBNKF) – Study Underscores the District-Scale Potential of Park Place

Posted on by cpereira@noblefcm.com


Tuesday, February 28, 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.

Park Place hydrogeological study. LithiumBank Resources released results from a hydrogeological study at its 100% owned Park Place Lithium Brine Project located 180 kilometers west of Edmonton, Alberta, and 50 kilometers south of the company’s other flagship Boardwalk lithium brine project. The hydrogeological study was completed by Matrix Solutions and will be incorporated into a NI 43-101 compliant technical report and resource estimate which is expected in the second quarter of 2023.

Surprisingly favorable results. The hydrogeological study indicates Park Place hosts a combined 76.3 cubic kilometers of lithium-bearing brine, including 49.8 cubic kilometers within the Leduc Formation and 26.5 cubic kilometers within the Swan Hills Formation. By comparison, the company’s Boardwalk projects hosts 17.1 cubic kilometers of lithium-bearing brine. As a result, Park Place may be considered the largest reported lithium-rich brine project by volume in North America held by a single operator.


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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. 

Eskay Mining Corp. (ESKYF) – Closing in On the Untapped Potential of the Eskay Mining District

Posted on by cpereira@noblefcm.com


Tuesday, February 28, 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.

Eskay VMS project. The company’s Eskay Volcanogenic Massive Sulphide (VMS) project encompasses 52,600 hectares of highly prospective property within proximity to several world class gold deposits, including the adjacent past-producing Eskay Creek Mine, a high-grade gold-silver rich VMS deposit that is considered the world’s most precious metal-rich volcanogenic massive sulfide deposit. Based on Eskay’s exploration program, a new model of the tectonic architecture of the Eskay Mining District has identified three anticlines that wholly or partially underlay Eskay Mining’s property. The company’s new model suggests the flanks of each of these three anticlines are prospective for Eskay Creek-style VMS mineralization.

Recent drill results. Eskay recently released drilling results from the 2022 program at the TV and Tarn Lake targets. Drilling returned 1.51 grams of gold per tonne and 25.39 grams of silver per tonne over 43.1 meters and 2.84 grams of gold per tonne and 22.17 grams of silver per tonne over 16.4 meters in extensional drilling at the TV deposit. Assay results from the maiden drill program at Tarn Lake have defined an 80-meter-long open-ended trend of gold mineralization that dips in a west-northwestern direction.


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Kratos Defense & Security (KTOS) – Building Momentum

Posted on by cpereira@noblefcm.com


Monday, February 27, 2023

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.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.

4Q22 Results. Revenue totaled $249.3 million, up 17.8% y-o-y, and at the upper end of the $231-$251 million guidance. Organic growth was 4.1%. Adjusted EBITDA came in at $19.2 million, at the lower end of guidance, versus $23.4 million a year ago. GAAP EPS loss was $0.07 and adjusted EPS net income was $0.08, compared to a net loss of $0.02 and adjusted EPS of $0.11, respectively, a year ago.

Building Momentum. We believe 2023 will be a transformative year for Kratos as programs will be transitioning from development RDT&E or LRIP to funded programs, contracts, or full rate production, driving greater revenue and cash flow.


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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. 

Gray Television (GTN) – Not Anticipating The R Word

Posted on by cpereira@noblefcm.com


Monday, February 27, 2023

Gray Television is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. Our television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.

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.

Solid Q4. The company capped off a record Political revenue year with solid Q4 results. Revenue of $1.072 billion and Adj. EBITDA of $465 million compared favorably to our revenue forecast of $1.017 billion and our adj. EBITDA forecast of $397 million.

What recession? Management appears sanquine about the economic outlook for 2023 and its fundamentals. The company should benefit from favorable Retrans revenue growth from rate step-ups and contract renewals. Notably, 22% of the company’s MVPD contracts are up for renewal in Q1. Moreover, the company’s presence in small to medium sized markets means its advertising revenue is predominantly local, which has been less affected by the macroeconomic headwinds so far.


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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. 

E.W. Scripps (SSP) – Lowering Estimates On Weak National, Direct Response Ad Outlook

Posted on by cpereira@noblefcm.com


Monday, February 27, 2023

The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”

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.

Slight miss in Q4. Q4 revenue of $680.9 million was in line with our estimate of $684 million. Adj. EBITDA of $208.2 million was 2.7% below our estimate of $214 million. Notably, Core advertising was down 11% in the quarter, which was primarily attributed to political advertising displacement.

Distribution revenue to bolster results. Management expects distribution revenue to grow in the low-teens percentage range for full year 2023 attributed to 75% of its subscribers to be renewed this year.


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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. 

ACCO Brands (ACCO) – Post Call Commentary

Posted on by cpereira@noblefcm.com


Monday, February 27, 2023

ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE®, Esselte®, Five Star®, GBC®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Rexel®, Swingline®, Tilibra®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.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.

Challenging Current Environment, But Future Remains Bright. In spite of a challenging 2022, ACCO delivered 1% comparable sales growth in 2022 as the Company continued to execute its strategic transformation, including expanding product categories, broadening geographic reach, and bringing innovative new consumer-centric products to market. This enabled ACCO to achieve market share gains with many of its brands.

Taking Action. For 2023, management’s top priority is to restore the margin profile through incremental pricing actions implemented in January of 2023, the restructuring initiatives undertaken during the fourth quarter of 2022, and the additional productivity programs that will be implemented in 2023. We expect these actions will drive margin expansion and profit growth for the full year of 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. 

Labrador Gold Corp. (NKOSF) – High Expectations for 2023

Posted on by cpereira@noblefcm.com


Friday, February 24, 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 progress at Kingsway. 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 $17 million in cash, Labrador Gold has ample financial resources to fund the remaining 34,000 meters of drilling of the company’s planned 100,000-meter drill program.

2023 drilling program. Drilling will continue this year at the Big Vein target and further drilling will be undertaken at the Midway and Pristine targets. Labrador Gold currently has two drill rigs deployed at the Big Vein target. The company expects to add a third rig to drill northeast of the Pristine target which could later move to the Midway target, and a fourth rig to drill in an area (“The Gap”) between Big Vein and Pristine.


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FAT Brands Inc. (FAT) – Fourth Quarter and Full Year 2022 Results

Posted on by cpereira@noblefcm.com


Friday, February 24, 2023

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.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.

4Q22 Results. FAT Brands reported 4Q22 revenue of $103.8 million, up 39.9% y-o-y from $74.2 million in the year ago quarter. The increased revenue reflects the 2021 acquisitions and ongoing recovery from COVID impacts as SSS was up 2.7%. FAT reported adjusted EBITDA of $19.6 million in the quarter, down from $24.6 million in 3Q22. Net loss for the quarter was $70.8 million, or a loss of $4.29 per share, compared to a net loss of $19.6 million, or a loss of $1.38 per share, last year. We had projected revenue of $104.8 million and a net loss of $16.5 million, or a loss of $0.99 per share.

One-Time Items Impact. The quarter’s results were impacted by a number of one-time non-cash charges, including a $16.1 million non-cash reserve on employee retention credits, a $14 million non-cash trademark impairment charge, and a $20.4 million valuation allowance.


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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. 

Cumulus Media (CMLS) – Likely A Few Rough Quarters Ahead

Posted on by cpereira@noblefcm.com


Friday, February 24, 2023

Cumulus Media (NASDAQ: CMLS) is an audio-first media 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 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

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.

Better than expected Q4.  The company reported Q4 revenue of $251.3 million, roughly flat with the year earlier quarter. Excluding political revenue of $8.3 million, Q4 revenue was down a modest 3% from the prior year period. Adj. EBITDA of $42.7 million was down a modest 1.2%. Both Q4 revenues and Adj. EBITDA beat our expectations, by 4.3% and 13.9%, respectively.

National underperformed.  Excluding Political advertising, National advertising, including Network, decreased %. Cumulus is heavily weighted to National/Network advertising, accounting for 45% of total revenues. For many in the industry, National is a more modest 12% to 15% of total advertising.


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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. 

Coeur Mining (CDE) – No Big Surprises

Posted on by cpereira@noblefcm.com


Friday, February 24, 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.

Fourth quarter and full year 2022 financial results. Coeur reported adjusted fourth quarter and full year 2022 losses per share of $(0.06) and $(0.32), respectively, and in line with our estimates. Fourth quarter and full year adjusted EBITDA were $35.9 million and $139.0 million. Full year gold and silver ounces produced were 330.3 thousand and 9.8 million, respectively, while ounces sold were 330.0 thousand and 9.8 million. Free cash flow during the fourth quarter and full year 2022 amounted to $(84.5) million and $(326.7) million due in part to heavy capital expenditures of $113.1 million and $352.4 million, respectively. On balance, financial results were in line with our expectations.

Completion of the Rochester expansion is expected by mid-2023. As of December 31, 2022, approximately $605 million of the $650 million to $670 million project cost has been committed, while $494 million had been incurred.


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Baudax Bio (BXRX) – Fourth Quarter and Full Year 2022 Reported

Posted on by cpereira@noblefcm.com


Friday, February 24, 2023

Baudax Bio is a pharmaceutical company focused on innovative products for acute care settings. ANJESO is the first and only 24-hour, intravenous (IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for the management of moderate to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of other innovative pharmaceutical assets including two novel neuromuscular blocking agents (NMBs) and a proprietary chemical reversal agent specific to these NMBs. For more information, please visit www.baudaxbio.com.

Gregory Aurand, Senior Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

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

Baudax Bio reported 4Q 2022.  While we had removed 4Q ANJESO revenues with the announced ANJESO discontinuation at the end of December, the Company reported 4Q revenues of $0.310 million in the quarter.  Net loss per share for 4Q 2022 was $12.33 per share as compared to our outlook of $9.76 per share loss as the Company took additional write-offs related to ANJESO.

Baudax Bio reported full year 2022.  For the year 2022, Baudax Bio generated revenues of $1.27 million, up from $1.08 million in the 2021 year.  The Company took a write-down for impairment of intangibles of $19.7 million. The full year impairment write-down for property and equipment totaled $4.2 million. The reported full year 2022 net loss was $58.8 million or a loss of $177.30 per share compared to our full year 2022 expected loss of $55.3 million or $189.44 per share.


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