Author: cpereira@noblefcm.com

Great Lakes Dredge & Dock (GLDD) – A “Reset” on Empire II

Posted on by cpereira@noblefcm.com


Friday, January 05, 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, 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 Termination. Coming as no surprise, European energy firms Equinor and BP announced an agreement with the New York State Energy Research and Development Authority to terminate the Offshore Wind Renewable Energy Certificate Agreement for the Empire Wind II project. As we previously noted, rising inflation, higher borrowing costs, and supply chain issues combined to negatively impact potential returns from the project. Termination of the Empire Wind II project initiates a contractually obligated termination fee payable to Great Lakes and Van Oord that is intended to cover lost earnings potential related to Empire Wind II.

But A Reset. But all is not lost, as Equinor and BP can re-submit the project on more acceptable terms. With the state supporting offshore wind projects, we believe there remains a strong chance the project is revived in some form. Winners of an expedited solicitation for offshore wind will be announced in February.


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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) – December BTC Production Increases 19%

Posted on by cpereira@noblefcm.com


Friday, January 05, 2024

Joe Gomes, 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.

Production. During the month of December, Bit Digital produced 169.5 BTC, a 19% increase compared to the prior month. Active hash rate as of December 31st was approximately 2.52 EH/s, up from 2.25 EH/s as of November 30, 2023, and well on the way to the new goal of  doubling the operating fleet in the Bitcoin mining operations, to approximately 6.0 EH/s, during 2024.

Staking. Bit Digital had approximately 12,752 ETH actively staked in native and liquid staking protocols as of December 31, 2023, down slightly from 12,784 at the end of November. Approximately 12,352 ETH were natively staked and 400 ETH were deployed in liquid staking protocols as of that date. The Company earned a blended APY of approximately 3.67% on its staked ETH position for the month, down from 4.35% in November, and earned aggregate staking rewards of approximately 38.5 ETH.


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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. 

Kelly Services (KELYA) – Completes Sale of European Staffing Business

Posted on by cpereira@noblefcm.com


Thursday, January 04, 2024

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, 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.

European Staffing Sale. Yesterday, Kelly Services announced the completion of the sale of its European staffing business to Gi Group Holdings S.P.A. Kelly previously announced on November 2, 2023, that it had entered into a definitive agreement to sell the business to Gi. Kelly is retaining its global footprint and will continue to provide higher margin, higher growth potential MSP, RPO, and FSP solutions to customers in the EMEA region through KellyOCG.

Details. Kelly received cash proceeds of €100 million upon closing the transaction. An additional up to €30 million of proceeds from an earnout provision based on a multiple of an adjusted 2023 EBITDA measure would be payable in the second quarter of 2024 if achieved. Cash proceeds are expected to be redeployed in pursuit of growth through organic and inorganic investments. The Company has not disclosed the financial impact of removing the International Staffing business to the income statement, but we expect a disclosure by the fourth quarter conference call.


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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. 

ZyVersa Therapeutics, Inc. (ZVSA) – Novel Therapies For Renal Diseases and Inflammation

Posted on by cpereira@noblefcm.com


Wednesday, January 03, 2024

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.

Initiating Coverage With An Outperform Rating. ZyVersa Therapeutics is a biotechnology company focused on renal and inflammatory diseases. Its lead product, VAR 200, is in development to reduce renal cholesterol and lipid accumulation in the kidney. These accumulations damage the kidney and lead to loss of filtration in kidney diseases. Its second product in development, IC 100, is an inflammasome inhibitor to inhibit the inflammation that contributes to many chronic diseases.

Renal Diseases. Accumulation of renal cholesterol and lipids in the kidney leads to cellular damage that starts a decline in filtration function and leakage of protein into the urine. VAR 200 was developed to reduce levels of cholesterol and lipids in renal cells to reduce the damage, scarring, and disease progression. The first clinical trial in diabetic kidney disease (DKD) is planned for early 2024.


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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. 

Great Lakes Dredge & Dock (GLDD) – New Awards to Finish the Year

Posted on by cpereira@noblefcm.com


Wednesday, January 03, 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, 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.

More Awards. Last week, Great Lakes announced several new awards totaling $173.7 million. We previously covered some of the awards in the press release (Great Egg Harbor Inlet Beach Renourishment Project, St. Augustine Shore Protection Project, and Duval County Shore Protection Beach Renourishment Project), so we will focus on the awards previously not covered. Great Lakes continues to receive new awards for 2024 and beyond, continuing its momentum.

Largest Award. The largest award is the $62.8 million Sabine-Neches Waterway Channel Improvement Project-Phase 1 for dredging for channel deepening along the Sabine-Neches Waterway from Sabine Bank Channel to Sabine Pass Channel. Work is expected to commence in Southeast Texas in the first quarter of 2024 with an estimated completion in the fourth quarter of 2024.


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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. 

Salem Media Group (SALM) – Taking Serious Steps To Reduce Costs

Posted on by cpereira@noblefcm.com


Tuesday, January 02, 2024

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape.

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.

Delist and Deregister. The company announced that its Special Committee recommended to delist its shares on the Nasdaq Global Market and to deregister the Class A shares with the SEC, reversing its intent to stay the suspension of its shares from being delisted. The delisting is expected to become effective Jan. 18, 2024, at which time, the company plans that it shares will be quoted on the OTCQX or other market operated by OTC Markets Group. 

Significant savings. Given the move to delist, the company will no longer be required to publish a quarterly 10Q and host quarterly investor calls. We estimate that the move to delist and deregister its shares will save the company over $1.2 million annually. 


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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. 

Maple Gold Mines (MGMLF) – Expectations for 2024

Posted on by cpereira@noblefcm.com


Tuesday, January 02, 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.

Year-end shareholder letter. In a year-end letter to shareholders, Maple Gold’s CEO summarized key priorities and reasons for optimism in 2024. Coupled with productive drill programs in 2023, the company has made significant technical progress by leveraging its extensive database to develop drill targets that are supported by geologic and economic criteria. Management views drilling success as the clearest path to shareholder value creation and expects to elaborate on its exploration plans in early January.

Themes for 2024. Key themes for 2024 include adopting a value-oriented approach to exploration and prudent capital management. Corporate overhead costs are down significantly, and shareholders can anticipate further reductions going forward. As of September 30, Maple Gold Mines reported cash and cash equivalents amounting to C$4.4 million and marketable securities amounting to C$336.4 thousand. Approximately C$6.0 million remains available from Agnico Eagle to fund Douay-Joutel joint venture exploration through January 2025.


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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) – Receipt of First Tranche of AI Servers

Posted on by cpereira@noblefcm.com


Thursday, December 21, 2023

Joe Gomes, 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.

First Tranche. Yesterday, Bit Digital announced the receipt of the initial batch of servers equipped with Nvidia HGX H100 GPUs from Super Micro Computer, Inc. To date, the Company has received 89 servers which will be shipped and delivered to the datacenter in Iceland by the end of this month, enabling Bit Digital to begin performance under its first AI contract. Bit Digital expects to receive the remaining 103 servers by the first week of January 2024 and subsequently deploy them in Iceland during January 2024.

Upfront Cash. Bit Digital also disclosed that the terms of its AI agreement have been amended such that the Company has now received a three-month prepayment from its customer. With the contract expected to generate some $35 million of annual revenue, this would equate to approximately $9 million, which will help fund the cost of the servers, in our opinion.


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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. 

Alliance Resource Partners (ARLP) – Opportunity Knocks

Posted on by cpereira@noblefcm.com


Thursday, December 21, 2023

ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins. ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast growing energy and infrastructure transition.

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.

Presentation at NobleCon19. During Noble’s recent investor conference, Mr. Cary Marshall, Senior Vice President and CFO, provided a corporate overview and participated in an economic perspectives panel moderated by Emmy award winning reporter Michael Williams. Mr. Marshall highlighted how Alliance is well positioned to benefit from the electrification of the U.S. economy. He noted that while U.S. total electricity generation grew by 0.5 trillion kilowatt hours during the period 2000 to 2020, the U.S. Energy Information Administration forecasts total generation growth of 1.3 trillion kilowatt hours between 2023 to 2050. Growth in electric vehicles, onshoring of U.S. manufacturing, data center growth, and use of computer applications are expected to provide a boost in demand for electricity.

A forward-thinking diversified energy company. While Alliance’s coal business generates the largest share of the partnership’s revenue and EBITDA, investors may underappreciate the fact that ARLP is evolving into a more diversified company. Since 2014, the company has invested a total of $705 million to grow its oil & gas royalty business and has also invested in businesses that position it to evolve with the needs of the market, including Infinitum (electric motor technology), Ascend Elements (battery metals recycling), and Matrix Design Group, a wholly owned subsidiary that provides mining and industrial technology solutions.


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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. 

Entravision Communications (EVC) – Highlights From Noblecon19; Improving Margins Expected in 2024

Posted on by cpereira@noblefcm.com


Thursday, December 21, 2023

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.

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.

Noblecon19. On December 4th, management presented at Noblecon19 at Florida Atlantic University (FAU) in Boca Raton, Florida, to the investment community. The presentation conducted by Chris Young, Chief Financial Officer, highlighted the company’s digital growth initiatives, its strong and improving balance sheet and favorable industry undercurrents. A replay of the presentation can be viewed here: https://www.channelchek.com/videos/entravision-communications-noblecon19-replay. 

Digital growth. On a trailing twelve-month basis from Q3, digital revenue comprised 82% of total revenue, and its operations spanned 40 countries. From 2019 to 2022, total company revenue grew at a 52% CAGR, a result of its fast growing digital businesses. Notably, the company is focused on improving digital margins after Facebook reduced commissions from 10% to 7%.


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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. 

Tonix Pharmaceuticals (TNXP) – Fibromyalgia Trial Meets All Endpoints

Posted on by cpereira@noblefcm.com


Thursday, December 21, 2023

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of immunology, rare disease, infectious disease, and central nervous system (CNS) product candidates. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-15001 which is a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the second half of 2022. Tonix’s rare disease portfolio includes TNX-29002 for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan-Drug Designation by the FDA. Tonix’s infectious disease pipeline includes a vaccine in development to prevent smallpox and monkeypox called TNX-8013, next-generation vaccines to prevent COVID-19, and an antiviral to treat COVID-19. Tonix’s lead vaccine candidates for COVID-19 are TNX-1840 and TNX-18504, which are live virus vaccines based on Tonix’s recombinant pox vaccine (RPV) platform. TNX-35005 (sangivamycin, i.v. solution) is a small molecule antiviral drug to treat acute COVID-19 and is in the pre-IND stage of development. TNX-102 SL6, (cyclobenzaprine HCl sublingual tablets), is a small molecule drug being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Tonix expects to initiate a Phase 2 study in Long COVID in the second quarter of 2022. The Company’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL, is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study launched in the second quarter of 2022. Finally, TNX-13007 is a biologic designed to treat cocaine intoxication that is expected to start a Phase 2 trial in the second quarter of 2022. TNX-1300 has been granted Breakthrough Therapy Designation by the FDA.

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.

RESILIENT Study Shows Strong Results In Fibromyalgia. Tonix announced that the Phase 3 RESILIENT study testing TNX-102 SL in fibromyalgia met its primary endpoint of pain reduction and its six secondary endpoints. The fibromyalgia population is estimated at 6 to 12 million patients, making this a significant market for Tonix. The company plans to submit an application for FDA approval in 2H2024, consistent with our projected product launch in 2025.

Tonix Raised Funds With Stock and Warrants. The company also announced a $144 million Registered Direct offering that will raise $30 million upon closing and a potential $114 million through warrant exercise. We believe the offering offset the positive news from the RESILIENT clinical trial, causing the stock to decline despite good clinical news.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Ocugen (OCGN) – OCU400 Receives RMAT Designation, OCU410 Treated First Patient

Posted on by cpereira@noblefcm.com


Wednesday, December 20, 2023

Ocugen, Inc. is a biotechnology company focused on developing and commercializing novel gene therapies, biologicals, and vaccines. The lead product in its gene therapy program, OCU400, is in Phase 1/2 clinical trials for retinitis pigmentosa.

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.

OCU400 Received RMAT Designation. The FDA has designated OCU400 as a Regenerative Medicine Advanced Therapy (RMAT) for treating retinitis pigmentosa associated with RHO mutations. RMAT designation is intended to speed development of regenerative medicines, and is awarded to therapies that have potential treat, reverse, or modify a life-threatening disease. We see this as a validation of Ocugen’s clinical trial data. Additional data submissions to expand the designation to other gene mutations in RP and Leber congenital amaurosis (LCA) are planned.

Phase 3 Trial Should Benefit From RMAT Designation. RMAT designation includes the benefits of Fast Track and Breakthrough designations, with increased guidance from the FDA. It also allows the use of surrogate markers as endpoints in clinical trials, and accelerated review after the application is filed. Ocugen is currently finalizing the design of the Phase 3 trial for OCU400. We expect the trial to begin in early 2024 with data available in 2H24.


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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. 

MAIA Biotechnology (MAIA) – MAIA Selects THIO Dose For Continued Studies In Non-Small Lung Cancer

Posted on by cpereira@noblefcm.com


Wednesday, December 20, 2023

MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.

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.

MAIA Selects THIO Middle Dose Level For Future Studies. MAIA announced that it has selected the 180mg dose of THIO  to continue the Phase 2 THIO-101 trial in non-small lung cancer (NSCLC). The THIO-101 trial tested three THIO dose levels (60mg, 180mg, or 360mg) followed by cemiplimab (Libtayo), an anti-PD-1 checkpoint inhibitor from Regeneron. The 180mg dose level showed a better safety profile with better measures of efficacy. All future patients in the trial will be treated with the 180mg dose.

Trial Shows The Best THIO Disease Control Data To Date. MAIA also stated that the trial shows all dose levels exceed the disease control rate thresholds in stage 1 of the trial. Disease control rates in the first 8 out of 9 patients exceeded the goal of disease control in 8 out of 19 patients per arm. The 180mg dose had the best preliminary response rate compared with the 60mg and 360mg arms. We see strong results as consistent with prior data presentations showing large survival improvements for THIO treated patients.


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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.