Author: cpereira@noblefcm.com

MustGrow Biologics Corp. (MGROF) – Gearing Up for Sales

Posted on by cpereira@noblefcm.com


Tuesday, September 03, 2024

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.

2Q Results. MustGrow had no revenue during the quarter. We estimated revenue of CAD$1,000. Net loss was CAD$960,209, or a loss of $0.02/sh, compared to a loss of CAD$1.2 million last year, or a loss of $0.02/sh. We estimated a net loss of $1.1 million, or a loss of $0.02/sh.

But Revenue Underway. Revenue for MustGrow’s TerraSante product is now coming in. We believe this initial revenue recognition to be an important milestone for the Company, with the product now in farmers’ hands. Management noted that sales are performing as expected, with farmers having small-scale testing of TerraSante to understand the product.


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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. 

Lifeway Foods (LWAY) – Positive Momentum for Shares, Increasing Price Target

Posted on by cpereira@noblefcm.com


Tuesday, September 03, 2024

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.

Increasing Price Target. Shares of LWAY have risen since the Company had record-breaking operating results in the second quarter. The increase in the share price, of around 15% from the announcement of second quarter results, along with the positive operating momentum of the Company pushes our target price from a previous $20 to $25.

Rise in Price. Since the second quarter results on August 13th, shares of LWAY have risen to $19.18 as of Friday’s close from $16.66. The average volume per day over the course of this time (14 days) was approximately 255,571 shares as opposed to last quarter’s 164,046. Although not all volume is positive, the positive trend indicates more investor interest in Lifeway’s story and being encouraged with the Company’s performance.


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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. 

1·800·Flowers.com, Inc. (FLWS) – Why This Company Should Be On Your Radar Screen

Posted on by cpereira@noblefcm.com


Tuesday, September 03, 2024

For more than 45 years, 1-800-Flowers.com has offered truly original floral arrangements, plants and unique gifts to celebrate birthdays, anniversaries, everyday occasions, and seasonal holidays, and to deliver comfort during times of grief. Backed by a caring team obsessed with service, 1-800-Flowers.com provides customers thoughtful ways to express themselves and connect with the most important people in their lives. 1-800-Flowers.com is part of the 1-800-FLOWERS.COM, Inc. family of brands. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , 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.

Q4 results. The company reported Q4 revenue of $360.9 million, which was modestly below our estimate of $373.5 million by 3.4%. Additionally, Adj. EBITDA loss in the quarter of $8.8 million was below our estimate of negative $5.8 million. While the results were softer than expected, there were some bright spots. Notably, Q4 gross profit margin increased 130 basis points from the prior year period, which was largely attributed to lower freight and commodity costs, as well as cost saving initiatives. 

Increasing revenue investments. Management indicated that it plans to step up marketing, post the upcoming elections, and will introduce new products at price points that may help to offset the lackluster sales particularly for its everyday gifting products. There has been a bifurcation of sales for its products that target its high end consumer and that for consumers that are price sensitive. 


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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).

1·800·Flowers.com, Inc. (FLWS) – Positioning To Offset Economic Headwinds

Posted on by cpereira@noblefcm.com


Friday, August 30, 2024

For more than 45 years, 1-800-Flowers.com has offered truly original floral arrangements, plants and unique gifts to celebrate birthdays, anniversaries, everyday occasions, and seasonal holidays, and to deliver comfort during times of grief. Backed by a caring team obsessed with service, 1-800-Flowers.com provides customers thoughtful ways to express themselves and connect with the most important people in their lives. 1-800-Flowers.com is part of the 1-800-FLOWERS.COM, Inc. family of brands. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , 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.

Q4 results. The company reported Q4  revenue of $360.9 million, which was modestly below our estimate of $373.5 million by 3.4%. Additionally, Adj. EBITDA loss in the quarter of $8.8 million was below our estimate of negative $5.8 million. Illustrated in Figure #1 Q4 Results. While the results were softer than expected, there were some bright spots. Notably, Q4 gross profit margin increased 130 basis points from the prior year period, which was largely attributed to lower freight and commodity costs, as well as cost saving initiatives.

Stepping up revenue investments. Management indicated that it plans to step up marketing, post the upcoming elections, and will introduce new products at price points that may help to offset the lackluster sales particularly for its everyday gifting products. There has been a bifurcation of sales for its products that target its high end consumer and that for consumers that are price sensitive. 


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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. 

GDEV Inc. (GDEV) – Shedding Its SPAC Image

Posted on by cpereira@noblefcm.com


Wednesday, August 28, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , 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.

Reverse split. On August 21, the company announced a one for ten reverse stock split on its ordinary shares. Notably, the reverse split will be effective following the market close on August 28, and will be adjusted for the split when trading opens on August 29. We view the move favorably as the company sheds its SPAC image.

Positive implications. Management highlighted that the reverse split could improve the marketability and attractiveness of its shares, as an investment grade company that it is. We believe the higher share price could improve investor perception, liquidity and marketability of the GDEV shares and open the company to more institutional interest, with the shares trading above single digit price points. 


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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. 

Great Lakes Dredge & Dock (GLDD) – Additional Information on New Awards

Posted on by cpereira@noblefcm.com


Tuesday, August 27, 2024

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

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 Awards. Yesterday, Great Lakes issued a press release revealing receipt of $256.2 million of dredging awards, including the $120 million of awards we highlighted last week. The six awards the Company noted included two capital projects, three coastal protection, and one maintenance award.

Pipeline Over $1 Billion. In addition to the noted awarded projects, Great Lakes has approximately $318 million in low bids and options pending award, according to the release, which includes two jobs on which the Company was low bidder on this month. This brings Great Lakes’ potential total pipeline of work to over $1.2 billion.


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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. 

FreightCar America (RAIL) – Positive Momentum Driven by Potential for Market Share Gains and Margin Expansion

Posted on by cpereira@noblefcm.com


Tuesday, August 27, 2024

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.

Pure play manufacturer. FreightCar America, Inc. is a diversified manufacturer of railroad cars and rail car components. The company designs and manufactures a broad variety of railroad car types for the transportation of bulk commodities and containerized freight products primarily in North America. The company recently reported strong second-quarter financial results and appears poised for greater scale and margin expansion as it increases its market share and expands its product suite.

Updating estimates. While our 2024 and 2025 earnings per share estimates are unchanged at $0.25 and $0.47, respectively, we have increased our EBITDA estimates to $38.8 million and $46.7 million from $38.6 million and $46.0 million. We have assumed modestly higher sales. Importantly, we have increased our forward estimates beginning in 2026 to better reflect the company’s recent order for 1,000 tank car conversions and entry into the new tank car market beginning in 2028 which is expected to have a positive impact on gross margin.


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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. 

MustGrow Biologics Corp. (MGROF) – Another State Added

Posted on by cpereira@noblefcm.com


Friday, August 23, 2024

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 New State. On the heels of Idaho’s approval of TerraSante earlier in the month, MustGrow announced receipt from the Arizona Department of Agriculture for the registration approval of its TerraSante product. The approval will give MustGrow the ability to commence sales within the state. Arizona now joins a list that includes four other states in the aforementioned Idaho, Oregon, California, and Washington State.

Synergy with California. Arizona’s approval is key with the Company’s commercialization strategy with BioAg Product Strategies. In the winter months, agriculture companies in California use the winter climate in Arizona for its winter farming production. We believe that the Company can ‘double-dip’ in potential sales to farming companies looking to use MustGrow’s products for both California and Arizona, providing increased revenue.


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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. 

NN Inc. (NNBR) – Some Insider Buying

Posted on by cpereira@noblefcm.com


Wednesday, August 21, 2024

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.

Insider Buying. We are always interested to see insider buying, especially around current trading levels for the stock. Last week, three NN directors acquired a total of 32,550 NNBR shares at average prices in the $3.41 to $3.64 range. Such concentrated open market purchases are a positive, in our view.

Insider 1. First up, on August 14th Director Joao Faria disclosed the purchase of 20,000 NNBR shares at an average cost of $3.41 per share. Mr. Faria now owns 277,843 NNBR shares. Prior to last week, Mr. Faria’s most recent open market purchase was back in May 2023 when he acquired 30,000 NNBR shares at an average cost of $1.74.


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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. 

Hemisphere Energy (HMENF) – Second Quarter Financial Results Exceed Expectations; Increasing Estimates

Posted on by cpereira@noblefcm.com


Wednesday, August 21, 2024

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.

Second quarter financial results. Hemisphere Energy reported second-quarter net income of C$10.4 million or C$0.10 per share compared to $5.8 million or $0.06 per share during the prior year period. We had forecast net income of C$9.5 million or C$0.09 per share. Year-over-year, revenue rose 52.2% to C$28.9 million driven by an increase in average daily production to 3,628 barrels of oil equivalent per day (BOE/d) compared to 2,883 during the prior year quarter and our estimate of 3,500. The average sales price per BOE increased to C$87.65 compared to C$72.48 in the second quarter of 2023. Adjusted funds flow from operations increased to C$13.6 million compared to C$8.1 million during the prior year period.

Updating estimates. We increased our 2024 adjusted funds flow (AFF) and earnings per share (EPS) estimates to C$45.4 million and C$0.35, respectively, from C$44.3 million and C$0.34. Our revisions are driven by the better than expected second quarter financial results. Our third and fourth quarter production estimates of 3,600 and 3,775 BOE/d are unchanged. We have increased our 2025 production estimate to 3,625 BOE/d from 3,504 and raised our AFF and EPS estimates to C$42.6 million and C$0.32, respectively, from C$41.1 million and C$0.30.


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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. 

Great Lakes Dredge & Dock (GLDD) – More New Business

Posted on by cpereira@noblefcm.com


Wednesday, August 21, 2024

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

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.

Recent DOD Awards. Great Lakes has been awarded over $120 million in two new contracts since August 9th, according to the Department of Defense daily contract release. We believe the additional awards highlight the amount of opportunity available to Great Lakes.

Mobile Harbor. Yesterday, Great Lakes was awarded a $65.9 million firm-fixed-price contract to deepen and widen Mobile Harbor, with an estimated completion date of April 27, 2025. Fiscal 2020 civil construction funds and fiscal 2024 civil operation and maintenance funds in the amount of $65.9 million were obligated at the time of the award. The U.S. Army Corps of Engineers, Mobile, Alabama, is the contracting activity.


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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. 

Bit Digital (BTBT) – Focused On Computing

Posted on by cpereira@noblefcm.com


Wednesday, August 21, 2024

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.

HPC Focus. Management is placing greater emphasis on the HPC segment given the near-term potential of the business, its higher margin profile, and growing pipeline of opportunity. Management continues to believe the business could obtain a $100 million annualized revenue run rate by the end of 2024.

Realization of Pipeline. The Company is adding staff in its HPC segment, including a head of sales, to realize more of the Company’s growing pipeline in the segment. It has already come to fruition with the Boosteroid agreement announcement and management noted that other potential clients are not far behind. We expect the addition of more salespeople in the near term and won’t be surprised to see more agreement announcements sooner rather than later.


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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. 

Bit Digital (BTBT) – First Look at the Second Quarter

Posted on by cpereira@noblefcm.com


Tuesday, August 20, 2024

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.

Results. Revenue for the quarter totaled $29.0 million, a 220% increase from last year of $9.0 million due to the inclusion of the HPC business. We estimated revenue of $24.9 million. Driven by an $11.5 million unrealized loss on digital assets, adjusted EBITDA was a negative $3.8 million from a positive $1.9 million last year. Net loss for the quarter was $12.0 million, or $0.09/sh, from a loss of $2.4 million, or $0.03/sh, the prior year.

A Temporary Setback. The Company’s anchor HPC client is temporarily delaying its purchase order to potentially upgrade the servers to have newer generation Nvidia GPUs. The contract may be amended to provide for the newer GPUs. We believe the delay to only be temporary as Nvidia’s new Blackwell architecture is expected to be released later in the year or in early 2025.


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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.