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.
June Production. For June, Bit Digital produced 119.1 BTC, a 5% increase compared to May. The increase in production was primarily driven by a higher average active hash rate and was partially offset by a decrease in transaction fees compared to the prior month. The active hash rate was approximately 1.78 EH/s as of the end of the month.
And Ethereum Too! The Company had approximately 11,716 ETH actively staked in native and liquid staking protocols as of June 30, 2023. Approximately 9,312 were natively staked and 2,404 ETH were deployed in liquid staking protocols. Additionally, Bit Digital had 960 ETH deposited but in queue to be activated on the Ethereum staking network. Bit Digital earned a blended APY of approximately 5% on its staked ETH position for the month.
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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.
Management Call. We had an opportunity to speak with Bassett management at the end of last week. While the Company continues to work through COVID-related headwinds, such as excess and higher cost certain inventory, management remains optimistic regarding the new stores opening in 2H23, as well as the launch of the new website. All of which should help drive top line going forward, in our view.
Environment. The longer-term outlook for furniture sales remains positive, in our view. The Millennial cohort is entering its prime household formation and home buying phase, which augurs well for future home and furniture demand. Consumer confidence is improving, while expectations for employment and future interest rates remain positive for the industry, in our view. Bassett is well positioned to capture additional demand for furniture from consumers in the coming years.
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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.
Mixed 2Q Results. Bassett missed our top line projections, with revenue of $100.5 million compared to our estimate of $102 million and down 22% y-o-y from $128.7 million. Operating income for the quarter was $2.7 million compared to $11.0 million last year. The Company beat our bottom line projection, however, with net income reported at $2.1 million compared to our estimate of $0.3 million, but down from last year’s $47.1 million. Excluding $39.4 million from discontinued operations, however, net income for last year would be $7.7 million.
Still a Challenging Environment. Higher cost inventory and soft demand is continuing to plague the environment for Bassett, as wholesale orders were down 18% y-o-y and written orders declined 17%. The Company did a price cut strategy on its Club Level motion inventories at the end of the first quarter to move inventory and are not expecting any further cuts.
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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.
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Enters into a new credit agreement. The amended credit agreement increases the outstanding term loan from $150 million to $200 million, and reduces its revolving credit facility from $250 million to $225 million. The agreement extends the maturities of both the revolving credit facility and term loan until June 27, 2028, which we view favorably.
Terms of the agreement. The conditions of the term loan stipulate that once optional and mandatory prepayments of the loan are made, the funds may not be reborrowed. Notably, the amended revolving credit facility is subject to an aggregate seasonal borrowing limit of $125 million from January 1 to August 1. However, the revolving credit facility allows for prepaid funds to be reborrowed. The term loan and revolving credit facility mature on June 27, 2028.
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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.
UPLODE 2023. Comstock Inc. recently hosted its UPLODE23 investor summit which provided an opportunity to hear directly from business leaders associated with Comstock Inc., Comstock Fuels, Comstock Metals, Comstock Mining, and Quantum Generative Materials (GenMat). The event introduced a newly transformed Comstock and its business units to existing and prospective investors. Each Comstock business unit presented a detailed look at market opportunities, their business model, and strategies to create long-term value for shareholders. More broadly, the event underscored the value of innovating new break-through technologies to improve business outcomes and accelerate the commercialization of decarbonization technologies.
Bench strength matters. Each of the business unit leaders demonstrated relevant experience and a compelling vision for moving their businesses forward. Following UPLODE23, investors may have a better appreciation of Comstock’s management bench strength and greater confidence in their ability to advance the company’s strategies to commercialization.
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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.
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Two Products To Be Acquired. Tonix announced that it will acquire two currently marketed migraine drugs from Upsher-Smith Laboratories. The two drugs, Zembrace SymTouch and Tosymyra, are proprietary formulations of sumatriptan, the most commonly prescribed drug for migraine headaches. The deal is expected to close on June 30, 2023. We believe these two products fit well into the company’s CNS strategy and the expected data announcement from the Phase 3 RESILIENT trial in fibromyalgia expected in 4Q23.
Two Sumatriptan Formulations For Migraine Headaches. Both drugs contain sumatriptan as the active compound with proprietary technologies for improved delivery. Zembrace SymTouch is an injectable packaged with an autoinjector. Tosymyra is a nasal spray with a permeation enhancer that provides rapid and efficient absorption of sumatriptan. Both drugs have clinical data showing onset of migraine pain relief as fast as 10 minutes from administration with response rates comparable or better than other sumatriptan formulations.
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Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.
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.
Cyberattack disrupts shipments. On June 10th, Haynes experienced a cyber-driven network outage. By June 21st, the company’s manufacturing operations were restored along with administrative, sales, financial, and customer service functions. While Haynes has not quantified the full financial impact, the event caused some delay in product shipments.
Updating estimates. We have lowered our June quarter adjusted EBITDA and EPS estimates to $22.8 million and $0.97 per share from $26.5 million and $1.19 per share. Our full year fiscal 2023 EBITDA and EPS estimates have been lowered to $89.6 million and $3.82 per share from $93.3 million and $4.04 per share. Our estimates assume 10 days of lost shipments. While these will likely be made up in future quarters, it may take some time for shipments to normalize given that the company has been operating at high capacity driven by a strong order book. We have not adjusted our fourth quarter fiscal year 2023 or fiscal year 2024 estimates.
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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 Leasebacks. Orion Group Holdings announced that the Company has entered into two real estate sale-leaseback transactions for a total value of $20.3 million. The agreements are for the Company’s Baytown Pipe Yard property in Baytown, Texas and Port Lavaca South Yard property located in Port Lavaca, Texas.
Terms and Usage. The Baytown Pipe Yard property agreement is for $8.3 million and the transaction is expected to close no later than the fourth quarter of 2023. The Port Lavaca South Yard property agreement is for $12.0 million but no expectation on its closing was given. The usage of the proceeds for both the agreements will be to reduce debt and for general corporate purposes.
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Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.
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.
Investor Day. We attended Comtech’s Investor Day at the new Chandler, AZ facility. We came away impressed not only with Ken Peterman’s vision, but also the management team he has assembled and the vast potential for Comtech as Mr. Peterman’s vision is implemented.
Highlights. While we previously have written about the key takeaways of the Investor Day, we reiterate the points here: the Company’s transformation into One Comtech is ahead of schedule, implementation of lean operating and growth initiatives has begun, EVOKE partnerships open up whole new opportunities, and the transition into a higher margin, faster growing software, solutions, services, and insights business is forthcoming.
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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.
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.
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 Busy Week. Kratos had two announcements this week, including the Company’s successful static test of its new Zeus 1 rocket motor at Aerojet Rocketdyne’s Camden, Arkansas facility and an expansion of the Company’s Space Domain Awareness (SDA) network locations into India.
Zeus 1 Motor. Kratos’ Zeus 1 motor is an affordable commercial solid rocket motor (SRM) in development, with the SRM being able to operate as launch vehicle stages for Kratos’ research, hypersonic, ballistic missile target, and “other” vehicles. The preliminary hardware and data inspection of the test showed the robustness of the motor design and its applicability for multiple customer applications. The Zeus 1 is one of two solid rocket motors being developed and funded, with the larger Zeus 2 motor scheduled for static test later this year.
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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, 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. Information Services Group announced yesterday that the Company’s Executive Vice President and CFO Bert Alfonso will be retiring in August to devote more time to family matters. Michael A. Sherrick will be succeeding him effective August 7th. Mr. Sherrick will report to chairman and CEO Michael Connors and join the ISG Executive Board.
Michael Sherrick’s Background. Mr. Sherrick provides ISG with over 25 years of financial and operating experience, as his most recent position was from Cognizant Software & Platform Engineering as senior vice president and chief operating officer. Cognizant Technology Solutions Corporation is a global provider of information technology, consulting and business process services, similar to ISG.
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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.
Location, location, location. Drilling at Labrador Gold’s 100%-owned Kingsway gold project continues to target the Appleton Fault over a 12-kilometer strike length. The drilling is part of the company’s ongoing 100,000-meter diamond drilling program of which approximately 72,000 meters of drilling has been completed. Assays are pending for approximately 4,370 meters of core. Most of the drilling has occurred at the Big Vein target where recent drilling returned near surface gold values. Hole K-23-225 intersected 1.06 grams of gold per tonne over 9.63 meters, including 2.28 grams of gold per tonne over 2.25 meters. Hole K-23-221 returned 3.66 grams of gold per tonne over 1.04 meters.
Outstanding results at Dropkick. Highlights from initial drilling at the Dropkick target included Hole K-23-228B which returned 1.97 grams of gold per tonne over 9.45 meters, including 3.13 grams of gold per tonne over 5.45 meters and 31.86 grams of gold per tonne over 0.45 meters that contained visible gold. Hole K-23-227 intersected 1.15 grams of gold per tonne over 4.0 meters and 1.06 grams of gold per tonne over 5.27 meters. Hole K-23-224 intersected 1.74 grams of gold per tonne over 5.07 meters, including 2.72 grams of gold per tonne over 3.16 meters. The Dropkick target is approximately 3.4 kilometers northeast of Big Vein.
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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.
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Shuns Inside Favorite. Entravision’s board appointed Michael Christenson as its Chief Executive Officer, effective July 1, 2023, denying Chris Young, the interim CEO and CFO, the position. Mr. Christenson has a decades long career as an investment banker and held leadership roles at software companies New Relic and CA Technologies.
What does the move tell us? We believe that the appointment signals that the company will become more aggressive in seeking acquisitions. As of March 31, the company had a pristine balance sheet with roughly $180 million in cash and marketable securities and $207 million in debt, or a modest 0.3 times net debt to estimated cash flow. Given Mr. Christenson’s investment banking background, we believe that M&A likely will be his mandate.
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