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.
AI Services. Bit Digital had 256 servers actively generating revenue from its initial Bit Digital AI contract, as of September 30, 2024, and earned approximately $4.2 million of unaudited revenue from this contract during the month.
Mining Side. The Company produced 51.5 BTC in September, a 3.6% decrease from last month’s 53.4 BTC. The active hash rate was 2.43 EH/s, flat with the previous month. Management will continue to be opportunistic with miner purchases dependent upon the returns, in our view.
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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.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.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.
Sale of a Unit. Wednesday, ISG announced the sale of its non-core automation unit to UST, a digital transformation solutions company, for $27 million. At closing, ISG received $20 million in cash with $4 million to be released over the next 90 days and $3 million to be released at the end of 1Q25. Proceeds will be used for reducing debt, re-investing in the business, and returning capital to shareholders. Automation contributed roughly $30 million of annual revenue, including $18 million of recurring revenue.
AI Business. With large enterprises’ increasing focus on AI, ISG is placing more emphasis in this area and we believe is poised to capitalize on future spending through its AI Advisory and Research segments. Early indications of growing demand are showing with ISG Tango’s total contract value rising at the end of the second quarter.
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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.
Memoranda of Understanding. Through a wholly owned subsidiary, Aurania entered into a non-binding Memoranda of Understanding (MOU) with the Communes of Ogliastro and Nonza in Cap Corse, Northern Corsica, France for the exploitation of heavy mineral beach placers that are enriched with nickel and other metals. An accumulation of black sand comprised of awaruite and magnetite on the beaches of Albo and Nonza originated from asbestos mine waste that had previously been dumped in the Mediterranean Sea. The waste traveled up along the coast and accumulated silt at the historic ports of Albo and Nonza. Awaruite is a natural nickel-iron mineral alloy.
Placers are rich in nickel. While no resource or reserve has been established, Activation Laboratories Ltd. conducted an analysis of a heavy mineral concentrate produced by simple panning of the beach sand by hand which yielded an assay of 50.4% nickel, 0.701% cobalt, and 0.476% copper. Moreover, a Mozley gravity table concentrate of magnetic beach sand performed by SGS Laboratories yielded 40.1% nickel. At some point, we think Aurania will likely take a bulk sample for analysis.
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Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
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Acquired e-TeleQuote. On October 1, GoHealth announced that it closed on its acquisition of e-TeleQuote, one of its peers in the Medicare insurance marketplace landscape. The deal was originally announced in early September. In our view, the terms of the transaction were highly favorable to the company as the deal appears to be immediately accretive to the company’s balance sheet.
Favorable Terms. The company acquired e-TeleQuote through a creative agreement, in which it invested $5 million for a roughly 19% stake in the business through newly issued shares. At that time, the previous owner relinquished its 81% stake, leaving GoHealth as the sole shareholder. This left the company with all the assets on the e-TeleQuote balance sheet, with over $18 million in cash (including the $5 million paid by GoHealth) and over $100 million in contract assets. The company also gains almost 400 experienced agents.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
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Resources Connection, Inc. provides agile consulting services in North America, Europe, and the Asia Pacific. The company offers finance and accounting services, including process transformation and optimization, financial reporting and analysis, technical and operational accounting, merger and acquisition due diligence and integration, audit readiness, preparation and response, implementation of new accounting standards, and remediation support. It also provides information management services, such as program and project management, business and technology integration, data strategy, and business performance management. In addition, the company offers corporate advisory, strategic communications, and restructuring services; and corporate governance, risk, and compliance management services, such as contract and regulatory compliance, enterprise risk management, internal controls management, and operation and information technology (IT) audits. Further, it provides supply chain management services comprising strategy development, procurement and supplier management, logistics and materials management, supply chain planning and forecasting, and unique device identification compliance; and human capital services, including change management, organization development and effectiveness, compensation and incentive plan strategies, and optimization of human resources technology and operations. Additionally, the company offers legal and regulatory supporting services for commercial transactions, global compliance initiatives, law department operations, and law department business strategies and analytics. It also provides policyIQ, a proprietary cloud-based governance, risk, and compliance software application. The company was formerly known as RC Transaction Corp. and changed its name to Resources Connection, Inc. in August 2000. Resources Connection, Inc. was founded in 1996 and is headquartered in Irvine, California.
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 Model. We believe it is informative to take a deeper dive into the operational changes being made by RGP over the past quarter. The Company has taken the challenging operating environment to create a strong platform, broaden its addressable market, deepen client relationships, and improve efficiency, all of which position the Company to capitalize on the environment once it improves, in our view.
Impact. The On Demand Talent segment is increasingly relevant in the professional staffing space. The new Consulting segment positions RGP higher up the professional services value chain, enabling RGP to play a key role in transformation strategy and execution initiatives. And the Outsourced Services segment is expanding its client base, especially among venture-backed AI startups, while also exploring cross-selling opportunities within the existing client base.
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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 (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.
Laying the groundwork for a successful moonshot. Comstock IP Holdings, a wholly owned subsidiary, executed an Exclusive License Agreement (ELA) and Cooperative Research and Development Agreement (CRADA) with the Alliance for Sustainable Energy, the managing and operating contractor of the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL). The agreements provide access to technologies developed by NREL and the Massachusetts Institute of Technology (MIT) to convert lignocellulosic biomass into aromatic sustainable aviation fuel (SAF). The goal is to produce the world’s first 100% renewable SAF at costs approaching parity with fossil fuels by integrating Comstock and NREL technologies.
Cooperative Research and Development Agreement. Terms include a three-year scope of work to jointly develop an integrated process based on Comstock and NREL processes and technologies to refine woody biomass into aromatic SAF and other renewable fuels. Comstock will fund the research and contribute staff, equipment, and use of its pilot facility in Wisconsin. The CRADA is expected to result in the construction of a pre-commercial pilot system to affirm requirements needed to scale-up and incorporate the resulting process into Comstock’s planned 50,000 metric ton per year commercial demonstration facility.
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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.
Resources Connection, Inc. provides agile consulting services in North America, Europe, and the Asia Pacific. The company offers finance and accounting services, including process transformation and optimization, financial reporting and analysis, technical and operational accounting, merger and acquisition due diligence and integration, audit readiness, preparation and response, implementation of new accounting standards, and remediation support. It also provides information management services, such as program and project management, business and technology integration, data strategy, and business performance management. In addition, the company offers corporate advisory, strategic communications, and restructuring services; and corporate governance, risk, and compliance management services, such as contract and regulatory compliance, enterprise risk management, internal controls management, and operation and information technology (IT) audits. Further, it provides supply chain management services comprising strategy development, procurement and supplier management, logistics and materials management, supply chain planning and forecasting, and unique device identification compliance; and human capital services, including change management, organization development and effectiveness, compensation and incentive plan strategies, and optimization of human resources technology and operations. Additionally, the company offers legal and regulatory supporting services for commercial transactions, global compliance initiatives, law department operations, and law department business strategies and analytics. It also provides policyIQ, a proprietary cloud-based governance, risk, and compliance software application. The company was formerly known as RC Transaction Corp. and changed its name to Resources Connection, Inc. in August 2000. Resources Connection, Inc. was founded in 1996 and is headquartered in Irvine, California.
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.
Overview. While the operating environment remained challenged in 1Q25 as clients continued to delay projects, RGP made strides in evolving its business model and rebuilding its brand architecture and positioning. A full recovery should follow improving client sentiment about the economy, but the Company is seeing pockets of improvement.
1Q25 Results. Revenue came in at $136.9 million, a decline of 19.5% y-o-y, but in-line with guidance. Gross margin was 36.5%, down from 39.4% a year ago and below management’s 37.5%-38.5% guide due to lower consultant utilization and unfavorable leverage on indirect costs. RGP recorded a $3.4 million gain on a sale as well as a $3.9 million impairment charge. Net loss for the quarter was $5.7 million, or a loss of $0.17/sh, compared to net income of $3.1 million, or EPS of $0.09/sh last year. Adjusted EPS was breakeven versus EPS of $0.20/sh in 1Q24.
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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.
Onconova Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer. The Company has proprietary targeted anti-cancer agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation. Onconova’s novel, proprietary multi-kinase inhibitor narazaciclib (formerly ON 123300) is being evaluated in a combination trial with estrogen blockade in advanced endometrial cancer. Based on preclinical and clinical studies of CDK 4/6 inhibitors, Onconova is also evaluating opportunities for combination studies with narazaciclib in additional indications. Onconova’s product candidate rigosertib is being studied in multiple investigator-sponsored studies. These studies include a dose-escalation and expansion Phase 1/2a study of oral rigosertib in combination with nivolumab in patients with KRAS+ non-small cell lung cancer, a Phase 2 program evaluating rigosertib monotherapy in advanced squamous cell carcinoma complicating recessive dystrophic epidermolysis bullosa (RDEB-associated SCC), and a Phase 2 trial evaluating rigosertib in combination with pembrolizumab in patients with metastatic melanoma.
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.
Phase 1 Topline Data Shows Safety and Tolerability. Traws Pharma announced results from its Phase 1 trial testing ratutrelvir, its oral protease inhibitor for COVID-19. The trial was designed to determine pharmacokinetics and safety, with results showing consistent plasma levels within the expected range with no adverse events. A Phase 2a trial is being planned to begin in 1H2025.
Ratutrelvir Could Become A Category-Leading Drug. Ratutrelvir is an inhibitor of the SARS-CoV-2 Main protease (Mpro or 3CL protease). It has demonstrated in vitro activity against the original viral strain and numerous variants, including delta and omicron. Ratutrelvir does not require co-administration of ritonavir as a metabolic inhibitor and avoids the drug-drug interactions and potential side effects. In comparison, Pfizer’s Paxlovid is a combination of its Mpro inhibitor, nirmatrelvir, with ritonavir as a metabolic (cytochrome P450) inhibitor.
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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.
Exploration at Kuri-Yawi. Aurania is preparing for an induced polarization (IP) geophysical survey of the Kuri-Yawi gold target in Ecuador. The vendor has been selected and the survey is expected to begin in the second half of October. The survey is expected to take approximately one month to complete after which management will review the data to identify targets for a drilling program that we think could commence in the first quarter of 2025. We also believe fieldwork has continued at Crunchy Hill during the quarter.
Anaconda mapping program. Anaconda mapping of the southern and northern parts of Aurania’s Awacha porphyry copper target in Ecuador has been completed. Aurania’s team of geologists is now interpreting the data to define targets for future drilling programs. During the field program, new intrusive outcrops with typical porphyry alteration were discovered.
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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.
Client Meetings Answered Questions About Tegoprubart. We held a Virtual Non-Deal Road Show with Eledon’s CEO, Dr. DA Gros. The discussions with clients covered tegoprubart history of development, mechanism of action, clinical trials, and its upcoming milestones. Some of the points raised and common questions are highlighted below.
The Phase 2 BESTOW Trial Completed Enrollment In August. Eledon announced the completion of enrollment for its Phase 2 BESTOW trial that tests tegoprubart against tacrolimus for prevention of kidney transplant rejection. The enrollment was completed ahead of the expected YE2024 timeframe due to higher than expected interest from the transplant surgeons.
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For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.
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.
Noble Conference. We hosted V2X President and CEO Jeremy Wensinger at our Basic Industries Virtual Investor Conference. Mr. Wensinger touched on the Company’s end-to-end capabilities, including full lifecycle solutions, large backlog, positive future opportunity, and an expanding addressable market. A replay of the presentation, including Q&A can be viewed at: https://www.channelchek.com/videos/v2x-inc-vvx-noble-capital-markets-basic-industries-virtual-conference-replay
Expanding Addressable Market. With the combination of Vectrus and Vertex, V2X is now able to pursue opportunities previously out of either individual company’s reach, expanding V2X’s addressable market. The prime example of this is the July award of the $3.7 billion War Fighter Training Readiness contract, which combined strengths of both the old Vectrus and Vertex into a winning proposal, even against stiff competition.
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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.
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
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Stock slips below $1. The SNAL shares are down roughly 40% YTD. We believe this slide is an over reaction to the company’s “miss” in first half earnings, which was largely related to deferred revenue. The company has a favorable long term fundamental outlook and is financially healthy, with a sizable cash position and positive cash flow generation.
Fundamentals do NOT appear broken. We expect company fundamentals to improve over the next eighteen months. In 2024, revenue and adjusted EBITDA are expected to increase to $88.7 million and $12.3 million, respectively, up from $60.9 million and negative $9.7 million in 2023. In 2025, we anticipate revenue and adjusted EBITDA to reach $105.0 million and $24.5 million. This growth is backed by a number of exciting developments, including the rollout of more Down Loadable Content (DLC) packages for Ark: Survival Ascended, which should help alleviate noise surrounding deferred revenue.
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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.
Update and Presentation. On Tuesday, we had the opportunity to participate in a webinar presentation and interview with MustGrow’s management providing an update on the current progress of the Company’s pipeline and its future. Key takeaways of the update, in our view, were the progress towards sales of its TerraSante product, advancing towards commercialization of its TerraMG product, and the expansion of the Company’s intellectual property portfolio.
TerraSante. The Company has been underway in its planning for larger-scale production on TerraSante. The Company had its initial commercial production run in 2023 and had its first sales during the third quarter this year. Management is seeing strong initial interest in the product, primarily from California, and has the opportunity for multiple applications per year for various crop markets, which could potentially triple acre coverage. We believe that we will continue to see more state approvals for the product in the near term as management has focused on getting such approvals.
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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.
