Author: cpereira@noblefcm.com

Bitcoin Depot (BTM) – Initiating Coverage: Bringing Bitcoin To A “Store” Near You

Posted on by cpereira@noblefcm.com


Thursday, September 07, 2023

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

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

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

Initiating coverage with an Outperform rating and $9 target. Bitcoin Depot is the largest Bitcoin ATM operator in the U.S, boasting over 6000 locations. Notably, the company is the first publicly traded Bitcoin ATM operator. We believe the BTM shares offer investors an opportunity to experience cryptocurrency industry growth, while mitigating many risks associated with the industry. Our favorable rating is based on the company’s positive cash flow growth outlook.

A de-risked way to play Bitcoin. Unlike many of its peers, the company grew revenue and generated positive cash flow in 2022. Notably, revenues are not correlated to the price of Bitcoin and the company does not hold Bitcoin long-term. In our view, we anticipate revenue growth from increased Bitcoin popularity and additional kiosk deployment, while growing cash flow.


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

MustGrow Biologics Corp. (MGROF) – Expansion of Janssen Agreement

Posted on by cpereira@noblefcm.com


Thursday, September 07, 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.

Expansion. MustGrow and Janssen PMP have announced an expansion of their Exclusive Evaluation and Option Agreement to now include postharvest potatoes and bananas globally. We view the announcement as further evidence of the efficacy of MustGrow’s biological mustard plant-based technologies and another step in the path to commercialization.

Janssen. Over the past 15 months of postharvest evaluation work, Janssen PMP and MustGrow have produced very encouraging and efficacious results, supporting the decision to add postharvest potatoes and bananas to Janssen PMP’s exclusive evaluation work. According to Janssen, “The postharvest banana market is one of our historical markets where the need for natural fungicides is growing. Also, developing a natural technology acting as an anti-sprouting and as a fungicide for stored potatoes is a major opportunity for Janssen PMP…”


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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. 

Bassett Furniture (BSET) – A Disappointing Fiscal Third Quarter, Downgrading to Market Perform

Posted on by cpereira@noblefcm.com


Thursday, September 07, 2023

Bassett Furniture Industries, Incorporated manufactures, markets, and retails home furnishings in the United States. The company operates in three segments: Wholesale, Retail, and Logistical Services. It is involved in the design, manufacture, sourcing, sale, and distribution of furniture products to a network of company-owned and licensee-owned Bassett Home Furnishings (BHF) retail stores, as well as independent furniture retailers; and wood and upholstery operations. As of September 16, 2017, the company operated a network of 91 company-and licensee-owned stores. It also provides shipping, delivery, and warehousing services to customers in the furniture industry. In addition, the company owns and leases retail store properties. It also distributes its products through other multi-line furniture stores, Bassett galleries or design centers, specialty stores, and mass merchants. Bassett Furniture Industries was founded in 1902 and is based in Bassett, Virginia.

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.

Preliminary Results. Basset released preliminary results for the fiscal third quarter ended August 26th that are well below our and consensus estimates. A 27% drop in wholesale shipments in the quarter combined with several unusual events related to store closures and ongoing discounting of the Club Level line negatively impacted the quarter.

Details. Net sales are expected to be approximately $87 million, a 26% drop y-o-y and well below our $101 million estimate and the consensus $98.9 million estimate. The low estimate for the quarter was $97 million. The Company is projecting an operating and net loss for the quarter. We had projected net income of $1.5 million and the consensus estimate called for net income of $2.2 million.


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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. 

Alliance Resource Partners (ARLP) – Gaining a Toehold in the EV Battery Market

Posted on by cpereira@noblefcm.com


Thursday, September 07, 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.

Strategic investment. Alliance invested $25 million in Ascend Elements, Inc., a U.S.-based manufacturer of sustainable, engineered battery materials for electric vehicles. The investment was part of a $460 million Series D funding round which, combined with $480 million in grants awarded by the Department of Energy and $82 million of earlier investments, will advance construction of a commercial-scale facility in Kentucky using a patented process known as hydro-to-cathode direct precursor synthesis to manufacture NMC cathode precursor material (pCAM) and cathode active material (CAM) recovered from used lithium-ion batteries and battery gigafactory manufacturing scrap for use in electric vehicle batteries.

Project is supported by a multi-year supply agreement. The manufacturing facility will produce enough cathode material for 750,000 electric vehicles per year. Ascend Elements recently executed a multi-year contract to supply approximately $1 billion worth of sustainable pCAM for use in a major U.S. company’s battery manufacturing process beginning in the fourth quarter of 2024. The customer has the option to expand the contract to a larger quantity with a value of up to $5 billion.


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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) – Long COVID Study Did Not Meet Primary Endpoint But Provides Important Data

Posted on by cpereira@noblefcm.com


Wednesday, September 06, 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.

Phase 2 PREVAIL Study Announces Mixed Results. Tonix announced that the Phase 2 PREVAIL study testing TNX-102 SL in Long COVID did not meet its primary endpoint of multi-site pain reduction at week 14. The study was able to improve several important symptoms of Long COVID that could become acceptable endpoints in a Phase 3 trial.

Several Measures Showed Benefits In The Trial. PREVAIL was a blinded placebo-controlled study with an enrollment of  63 patients. Several secondary endpoints showed consistent benefits over the course of the study. These include fatigue, sleep quality, cognitive function, disability, and the Patient Global Impression of Change (PGIC). We believe these data show the drug can reduce several important symptoms of Long COVID.


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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. 

Defense Metals Corp. (DFMTF) – New Exploration Targets Underscore the Potential to Expand the Wicheeda REE Deposit

Posted on by cpereira@noblefcm.com


Wednesday, September 06, 2023

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

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.

Geophysical survey reveals two new exploration targets. Defense Metals completed a ground radiometric geophysical survey over the Wicheeda rare earth element (REE) deposit and identified new anomalies that may represent rare earth element mineralized carbonatite within the current mineral resource pit shells defined in the 2021 preliminary economic assessment (PEA). Two previously unknown anomalies were identified, each approximately 40 meters in width and extending approximately 250 meters northwest from the main body of the Wicheeda REE deposit. The survey further defined the surface extent of outcropping REE mineralization. 

New targets offer resource expansion potential. The two anomalies are under cover and have a similar geophysical expression to known drilled and outcropping rare earth mineralization. Recall Hole WI21-39 intersected relatively higher-grade carbonatite at depth returning 2.91% total rare earth oxide (TREO) over 45 meters from a depth of 69 meters downhole that is believed to represent the downdip projection of the eastern anomaly.


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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, Inc. (BTBT) – Increasing Hash Rate Means Increasing Production

Posted on by cpereira@noblefcm.com


Wednesday, September 06, 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.

August Production. Bit Digital produced 139.9 BTC, a 5% increase compared to the prior month’s 133.0 BTC. The increase was due to a higher average active hash rate, partially offset by an increase in network difficulty. The active hash rate was approximately 2.03 EH/s as of August 31, 2023 compared to 1.78 EH/s last month.

Staking. Bit Digital had approximately 13,188 ETH actively staked in native and liquid staking protocols as of August 31, 2023, up from 12,708 last month. Approximately 10,784 were natively staked and 2,404 ETH were deployed in liquid staking protocols as of that date, with 416 ETH deposited but in queue to be activated on the Ethereum staking network, which are estimated to come online by the end of September 2023. The blended APY the Company earned was 4.4% on its staked ETH position for the month of August 2023.


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

Eskay Mining Corp. (ESKYF) – Drilling Program Yields Early Successes

Posted on by cpereira@noblefcm.com


Friday, September 01, 2023

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.

Consolidated Eskay Gold Project. Eskay Mining is focused on the exploration and development of precious metal volcanogenic massive sulfide (VMS) targets along the Eskay rift in a region of northwest British Columbia known as the Golden Triangle. The company’s 100%-controlled Eskay Gold Project encompasses 52,600 hectares, or 26 square kilometers, of highly prospective property within proximity to several world class gold deposits, including the adjacent past-producing Eskay Creek Mine.

Drilling program is focused on seven targets. Eskay has drilled approximately 4,300 meters of its planned 6,500-meter diamond drill program. This year’s program is focused on seven targets, including: 1) Tarn Lake, 2) Maroon Cliffs, 3) Hexagon-Mercury, 4) Storie Creek, 5) Cumberland, 6) Scarlet Knob-Bruce Glacier, and 7) TV South.


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Codere Online (CDRO) – Race to Profitability Still on Track

Posted on by cpereira@noblefcm.com


Friday, September 01, 2023

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.

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

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

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

Strong Q2 results. The company reported better-than-expected revenue and adj. EBITDA. Q2 revenue was €39.1 million and adj. EBITDA was a loss of €4.5 million, compared with our estimates of €36.0 million and a loss of €6.8 million, respectively.

Key markets performing well. In Mexico and Spain, the company reported another quarter of robust year-over-year revenue growth. In Mexico, revenue grew 51% to €18.0 million while, in Spain, revenue grew 24% to €17.5 million. Notably, this was the first quarter in which revenue from Mexico eclipsed the revenue in Spain.  


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1·800·Flowers.com, Inc. (FLWS) – Gross Margins Surprise On The Upside

Posted on by cpereira@noblefcm.com


Friday, September 01, 2023

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.

Exceeds EBITDA estimate. The company’s fiscal Q4 results were mixed with a “miss” in revenues, but nicely beating our adj. EBITDA estimate. Revenues declined 17.9% to $398.8 million, versus our estimate of $414.2 million. Gross margins substantially improved leading to a beat in adj. EBITDA of a seasonal loss of $6.6 million versus our loss estimate of $10.1 million. 

Favorable margin outlook. We believe that a combination of lower ocean freight costs, moderating commodity prices, lower inventory write-offs, and a shift toward higher priced, higher margin products, all should allow the company to move gross margins from 37.5% in 2023 to 39.3% in fiscal 2024 and then to 39.6% in 2025. Our gross margin assumptions are conservatively below the pre-pandemic levels of 42.1% in 2019 and offer positive upside surprise potential. 


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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) – Reports Second Quarter Results

Posted on by cpereira@noblefcm.com


Thursday, August 31, 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.

2Q2023 Results. MustGrow reported zero revenue and a net loss of CAD$1.2 million, or a loss of $0.02 per share, during the quarter. We estimated revenue of CAD$1,000 and a net loss of $1.0 million. Similar to last quarter, we anticipate comparable quarterly results going forward until MustGrow receives regulatory approval in at least one market.

Capital and Cash Flows. MustGrow had cash of CAD$5.0 million at the end of the second quarter, down from CAD$6.1 million in the previous quarter, with the Company using cash of CAD$1.1 million of CFFO. We estimate that the Company currently has an approximate 14 month runaway before needing new capital.


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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) – A Compelling Total Return Opportunity

Posted on by cpereira@noblefcm.com


Thursday, August 31, 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.

Non Deal Road Show highlights. This report highlights a recent NDR with Christopher Young, the Chief Financial Officer of Entravision. We believe that the investor meetings reinforced our favorable investment thesis for the company; its above average revenue and cash flow prospects, the looming influx of high margin Political advertising, its attractive outlook for its Digital businesses, large cash position, free cash flow generation, and compelling stock valuation, which offers an impressive current 5.5% annualized dividend yield. 

Focus on margins. The company plans to focus on improving margins in its Digital business and is in the process of right sizing its Digital business by reducing staffing levels and reorganizing commissions. Its plan is to return Digital margins from the current 5% to the upper single digits to 10%. 


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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. 

Vera Bradley (VRA) – Second Quarter Results Reported; Raising Price Target

Posted on by cpereira@noblefcm.com


Thursday, August 31, 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.

2QFY24. Net revenue of $128.2 million, compared to $130.4 million in 2Q23, below our and consensus estimates of $132 million and $130.90 million, respectively. Net income of $9.3 million, or $0.30/sh ($0.33/sh adjusted) compared to a loss of $29.8 million, or a loss of $0.95/sh (adjusted EPS of $0.08). We had forecasted net income of $3.4 million, or $0.11/sh.

Programs Impacting Bottom Line. While Vera Bradley has yet to see overall positive revenue increases, actions taken by management and the elimination of the post COVID operating environment are positively impacting margins and the bottom line. 2Q24 gross margin improved to 56.2% from an adjusted 52.0% last year, while SG&A as a percentage of revenue fell to 45.5% versus 49.1%, both adjusted for one-time items.


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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.