Author: cpereira@noblefcm.com

Kelly Services, Inc. (KELYA) – Solid Fourth Quarter Results

Posted on by cpereira@noblefcm.com


Friday, February 14, 2025

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

4Q24. Kelly’s top line of $1.19 billion was in-line with our estimates and consensus estimates and was up 4.4% on an organic basis. Adjusted EBITDA came in at $43.5 million, with margin up 110 basis points to 3.7%. We had forecasted $40 million. Due to a non-cash impairment charge, Kelly reported a net loss of $0.90/sh. On an adjusted basis, EPS was $0.82, compared to $0.93/sh last year. We were at $0.32.

Solid Results. In the fourth quarter, Kelly delivered both top and bottom-line growth on a year-over-year basis, increasing organic revenue by more than 4% and adjusted EBITDA by 34%. This reflects strong profitability for the quarter, as the Company delivered 110 basis points of margin expansion through targeted organic and inorganic initiatives.


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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. 

MustGrow Biologics Corp. (MGROF) – Exclusive Distribution Agreement Signed

Posted on by cpereira@noblefcm.com


Wednesday, February 12, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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 Distribution. Yesterday, MustGrow announced the signing of a five-year exclusive distribution agreement with Adjuvants Plus Inc., in which MustGrow will distribute Adjuvants’ product line across Canada through NexusBioAg. In addition, MustGrow has a First Right of Refusal for the distribution of Adjuvants’ product line in the U.S. market.

Complementing Products. Four key products are being introduced by Adjuvants in the agreement, with a particular focus on EndoFine and EndoGuard. Adjuvants’ patented Clonostachys rosea, a fungus that provides plant health and protection benefits, is in both products, offering an abundance of advantages for various crops in North America, such as corn, soybeans, pulses, canola, and fruits and vegetables. In our view, products such as EndoFine and EndoGuard complement MustGrow’s product line, as both lines target similar crops while offering health and protection benefits.


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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. 

CoreCivic, Inc. (CoreCivic, Inc.) – Raising to Outperform with $25 PT

Posted on by cpereira@noblefcm.com


Wednesday, February 12, 2025

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

Opportunity, Opportunity, Opportunity. With the change in Administration and new Congress, CoreCivic is anticipating significant growth opportunities, possibly the most significant growth in the Company’s history, over the next several years. We believe the Company is exceptionally well positioned operationally and financially to meet this expected sharp increase in demand for its services.

Potential. Management has put forth a proposal to ICE for 28,000 beds. If accepted, such a proposal could be worth about $1.5 billion in revenue. Just adding in approximately 15,000 beds from existing idle facilities and the South Texas facility could add $750-$800 million of revenue and some $200-$275 million of adjusted EBITDA. Current proposals by the Administration and Congress support such growth, although funding will be key.


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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. 

SelectQuote (SLQT) – Poised for a Balance Sheet Improvement

Posted on by cpereira@noblefcm.com


Tuesday, February 11, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

Q2 beat. The company reported fiscal year Q2 revenue of $481.1 million and adj. EBITDA of $87.5 million, better than our estimates of $416.7 million and $50.0 million, respectively. Strong agent close rates during the Medicare Advantage Annual Enrollment Period (AEP) were an important contributor to the impressive results. Notably, the Senior segment generated an impressive 39% adj. EBITDA margins in the quarter, 700 basis points year over year.

Raising guidance. Management guided fiscal 2025 revenue and adj. EBITDA to $1.5 billion – $1.575 billion, and $115 million – $140 million, respectively. Management’s previous guided ranges were $1.425 billion – $1.525 billion and $100 million – $130 million. We are raising our revenue and adj. EBITDA forecasts for fiscal 2025 and fiscal 2026, detailed later in this report.


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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. 

Graham Corp. (GHM) – Third Quarter Results and Updated Models

Posted on by cpereira@noblefcm.com


Tuesday, February 11, 2025

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

3Q25 Results. Revenue increased 7.3% to $47.0 million, driven by continued strength in key end-markets. We had forecast $48 million in revenue. Gross margin rose 260 basis points y-o-y to 24.8% of sales. Graham reported adjusted EBITDA of $4.0 million in the quarter, an 8.6% margin, compared to $3.0 million and 6.8% in the year ago period. Net income was $1.6 million, or $0.14/sh, with adjusted EPS of $0.18/sh. In the same period last year, net income totaled $165,000, or $0.02/sh, and adjusted EPS was $0.13. We had projected an adjusted EPS of $0.13.

Orders. As expected, orders for 3Q25 declined to $24.8 million, given the higher level of orders earlier in the fiscal year. Book-to-bill for the first nine months of the year was 1.0. Backlog at quarter end was $384.7 million, down 3.6% over the prior-year period and down 5.5% sequentially.


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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. 

CoreCivic, Inc. (CXW) – A Solid End to 2024

Posted on by cpereira@noblefcm.com


Tuesday, February 11, 2025

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

A Solid End to the Year. CoreCivic posted solid 4Q24 results, especially given the facility closures from earlier in the year. Results for the quarter surpassed internal as well as consensus estimates, resulting from both cost management initiatives and increased occupancy, which reached 75.5% of available capacity, the Company’s highest level since the first quarter of 2020.

4Q24 Results. Revenue of $479.3 million compared to $491.2 million in 4Q24. We were at $463 million, and the consensus was $465 million. Adjusted EBITDA totaled $74.2 million compared to $90 million in 4Q24. We were at $65.2 million, and the consensus was $66.3 million. Adjusted diluted EPS of $0.16, versus $0.23 last year. We and consensus were at $0.10.


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Bit Digital (BTBT) – New Colocation Agreement

Posted on by cpereira@noblefcm.com


Tuesday, February 11, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

Agreement in Place. Yesterday, Bit Digital announced it secured a colocation contract through WhiteFiber, its newly rebranded HPC business, and an unnamed client. Under the agreement, the Company will provide 5MW of built-to-suit data center infrastructure for a period of five years. The Company anticipates the contract to commence in mid-2025. No financial terms of the agreement were disclosed.

Potential Financial Impact. While no financial terms were given in the announcement, based on Enovum’s current 4MW colocation data center producing $7.2 million in revenue annually, the new agreement could generate roughly $9 million in additional revenue if the terms are similar. We expect a $5-$5.6 million impact for annualized EBITDA based on the $4-$4.5 million from the initial data center.


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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. 

Eledon Pharmaceuticals (ELDN) – Tegoprubart Used In Pig Kidney Transplant Patient

Posted on by cpereira@noblefcm.com


Monday, February 10, 2025

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

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

Tegoprubart Used For Immunosuppression In Another Transplantation Surgery. A transplant patient that received a genetically engineered pig kidney has been given tegoprubart as part of their drug regimen to prevent organ rejection. The genetically engineered pig kidney was produced by Eledon’s partner, eGenesis, with the surgery performed at Massachusetts General Hospital (MGH). We see the continued use of tegoprubart instead of tacrolimus, the standard of care, as a positive sign from the transplant community.

Tegoprubart Was Chosen Over Tacrolimus. Tegoprubart is an anti-CD40 ligand antibody that modulates the immune system and avoids the long-term toxic side effects of tacrolimus. It is currently in two human clinical trials for kidney transplantation and has been used in several recent xenotransplantation procedures. We see this choice as a sign that doctors see its clinical data as an improvement over tacrolimus.


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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. 

Comstock Inc. (LODE) – Taking Shape: A Funding Plan for Comstock Fuels

Posted on by cpereira@noblefcm.com


Monday, February 10, 2025

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Term sheet with Marathon Petroleum. Comstock Fuels executed a non-binding term sheet with a subsidiary of Marathon Petroleum Corporation (NYSE, MPC) to negotiate a series of agreements, including: 1) an agreement under which MPC will contribute a combination of assets and cash to Comstock Fuels for conversion into equity on the same terms as Comstock Fuels’ planned Series A financing, 2) an offtake agreement for Marathon to purchase advanced biomass-based intermediates and fuels from Comstock Fuels’ planned commercial demonstration facility, and 3) a joint development agreement for Marathon to provide support services to Comstock Fuels in exchange for a warrant providing Marathon with an option to purchase additional equity in Comstock Fuels.

Oklahoma private activity bond allocation. Separately, Comstock Fuels was approved by the Oklahoma State Treasurer’s Office to issue up to $152 million in qualified private activity bonds to finance its first commercial demonstration biorefining facility in Oklahoma. The bonds are a key component of Comstock Fuels’ capital and financing plans, including funding each of its planned Bioleum refineries in the U.S. with dedicated project financing.


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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. 

Bit Digital (BTBT) – January Production

Posted on by cpereira@noblefcm.com


Monday, February 10, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

GPU Cloud Business. The Company earned approximately $4.4 million in revenue from AI contracts during the month of January 2025. Bit Digital had 268 servers (2,144 GPUs) actively generating revenue from its Bit Digital AI contracts. In addition, the Company received $131,000 in cash payments from its equipment leasing contract with Boosteroid during the month.

Colocation Services Business. Bit Digital’s HPC data center colocation revenue was approximately CAD $757.8k (approximately USD $522.9k) in January. The Company had 14 customers actively generating revenue at its Tier-3 Enovum Data Center as of month’s end. Bit Digital has rebranded its HPC business as WhiteFiber, Inc., encompassing the Company’s GPU Cloud business and its HPC data center business.


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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. 

Zomedica Corp. (ZOM) – New TRUFORMA Assay Improves Diagnostic Offering

Posted on by cpereira@noblefcm.com


Friday, February 07, 2025

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

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

Zomedica Launches New ACTH Assay For Equine PPID. Zomedica has launched an updated TRUFORMA assay for diagnosis of Equine PPID, Pituitary Pars Intermedia Dysfunction, an endocrine disorder in horses also known as Equine Cushing’s Disease. The new assay measures ACTH and one of its breakdown products, CLIP, then calculates a value that can be compared with established standard levels. The measures in this assay allow for better, faster diagnosis at the point-of-care.

PPID Is A Common Condition In Older Horses. An estimated 20% of the horses over 15 years of age are affected by PPID. Benign tumors or enlargement of the pituitary gland leads to overproduction of endocrine hormones and dysregulation of metabolism. ACTH is one of the hormones affected, causing a variety of symptoms that may lead to muscle wasting, thirst, urination, behavior, immune suppression, and metabolic changes. This affects the horse’s overall health, quality of life, and value to the owner.


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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. 

Graham Corp. (GHM) – A Transition At The Top

Posted on by cpereira@noblefcm.com


Friday, February 07, 2025

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

A Transition. Yesterday, Graham Corporation announced its current President and CEO, Daniel Thoren, will transition to the role of Executive Chairman, effective June 10, 2025. Matthew J. Malone, current Vice President and General Manager for Graham subsidiary Barber-Nichols, will be appointed to President & COO effective February 2025 and is expected to assume the CEO role of Graham Corporation in June 2025. The transition is part of an established succession plan.

Malone Background. Mr. Malone brings over 15 years of engineering and executive experience to his new role as President and Chief Operating Officer. Mr. Malone joined Barber-Nichols in 2015 as a Project Engineer focused on rocket engine turbopump design and development. He was promoted to Navy Program Manager in 2018, overseeing key U.S. Navy programs, and was appointed Vice President of Operations at Barber-Nichols in 2020 and then General Manager in 2021.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

EuroDry (EDRY) – Rating Lowered to Market Perform, Awaiting an Improvement in Time Charter Rates

Posted on by cpereira@noblefcm.com


Friday, February 07, 2025

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd. on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day- to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

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

Sale of M/V Tasos. EuroDry Ltd. recently agreed to sell the M/V Tasos, a vessel built in 2000, for ~$5 million. The vessel is expected to be scrapped and recycled and will be delivered to its buyer between mid-February and mid-March 2025. Eurodry expects to book a gain of approximately $2.1 million. Following the sale of the M/V Tasos, Eurodry will have a fleet of 12 vessels with total cargo capacity of 843,402 dwt. Upon delivery of two Ultramax vessels in 2027, the fleet will consist of 14 vessels with total cargo capacity of 970,402 dwt.

Market environment. Charter rates have continued to decline due, in part, to a weak outlook for the economy in China, which accounts for a large portion of dry bulk trade, and previous route disruptions that have largely abated. The Panama Canal has returned to full capacity, further undermining dry bulk rates. Recent U.S. tariffs imposed on imports from China could also weigh on its economy. While higher scrapping rates and more stringent environmental regulations could constrain the available bulker fleet, we are not optimistic that rates will make a significant recovery in 2025 despite a historically low industry order book.


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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.