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Investing To Accelerate Future Growth

Posted on by Admin

Monday, May 18, 2020

QuoteMedia (QMCI)

Investing To Accelerate Future Growth

QuoteMedia, based in Fountain Hills, Arizona, provides cloud-based financial data, market news feeds, and financial software solutions.  Its customers include financial service companies, online brokerages, clearing firms, banks, media portals, public corporations and individual investors.  The company provides a single source solution providing products such as streaming quotes, charting, historical data, technical analysis, news and research.  Information can customized and provided to multiple platforms including terminals and mobile devices.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Adjusting 2020 estimates. This report reflects our adjustments to our 2020 estimates, which reflects higher costs to support the prospect for faster revenue growth and margin improvement in 2021.

    Duplicate expenses in 2020. There is spending to develop news feeds, international financial data feeds, analytics, and mutual fund information. For now, it is carrying the costs of development, combined with the costs of third party vendors. As such, we expect margins to improve in 2021 as development costs decline and…


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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. 

Pangaea Logistics Solutions Ltd. (PANL) – Unique Business Model Tempers Impact of Challenging Market

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Monday, May 18, 2020

Pangaea Logistics Solutions Ltd. (PANL)

Unique Business Model Tempers Impact of Challenging Market

Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The firm’s services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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

    A challenging quarter, but unique and consistent business model delivered TCE rate outperformance. In a challenging dry bulk market environment, the unique business model once again delivered positive operating results. Adjusted 1Q2020 EBITDA of $2.9 million was below our estimate of $6.1 million mainly due to warmer weather that limited ice class demand in the Baltic Sea and hedging losses in the $2.5 million range, mainly on fuel.

    Adjusting 2020 EBITDA estimate to reflect current dry bulk market weaknessand near term uncertainty. While we remain convinced that a recovery is ahead in the second half of the year, similar to last year, we are taking a more conservative stance amid the current uncertainty. As a result, our EBITDA estimate moves down to $30.1 million, down from our previous estimate of $47.1 million, based on lower TCE rates of $12,179 (down from $13,423/day), which more than offset higher shipping days of 18,104 (up from 16,760), and…


    Click to get the full report.

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. 

QuoteMedia (QMCI) – Investing To Accelerate Future Growth

Posted on by Admin

Monday, May 18, 2020

QuoteMedia (QMCI)

Investing To Accelerate Future Growth

QuoteMedia, based in Fountain Hills, Arizona, provides cloud-based financial data, market news feeds, and financial software solutions.  Its customers include financial service companies, online brokerages, clearing firms, banks, media portals, public corporations and individual investors.  The company provides a single source solution providing products such as streaming quotes, charting, historical data, technical analysis, news and research.  Information can customized and provided to multiple platforms including terminals and mobile devices.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Adjusting 2020 estimates. This report reflects our adjustments to our 2020 estimates, which reflects higher costs to support the prospect for faster revenue growth and margin improvement in 2021.

    Duplicate expenses in 2020. There is spending to develop news feeds, international financial data feeds, analytics, and mutual fund information. For now, it is carrying the costs of development, combined with the costs of third party vendors. As such, we expect margins to improve in 2021 as development costs decline and…


    Click to get the full report.

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. 

The Benefits of a Growing Production Profile

Posted on by Admin

Friday, May 15, 2020

Sierra Metals (SMTS)(SMT:CA)

The Benefits of a Growing Production Profile

As of April 24, 2020, Noble Capital Markets research on Sierra Metals is published under ticker symbols (SMTS and SMT:CA). The price target is in USD and based on ticker symbol SMTS. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
Sierra Metals Inc is a precious and base metals producer in Latin America. The company acquires, explores, extracts, and produces mineral concentrates consisting of silver, copper, lead, zinc and gold in Mexico and Peru. Its activity includes the operation of the Yauricocha Mine in Peru, and the Bolivar and Cusi mines in Mexico. Yauricocha is an underground polymetallic mine using the sublevel block caving and cut-and-fill mining methods. Bolivar is a copper-silver-zinc-gold underground mine using room-and-pillar mining method. The majority of the revenue is earned by selling of the mineral concentrates to its customers in Peru.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

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

    First quarter earnings. Sierra Metals reported adjusted earnings per share of $0.01 compared with $0.01 during the prior year period and our estimate of $0.00. Adjusted EBITDA of $16.1 million increased 34.2% compared with the prior year period and exceeded our estimate. Overall, the company performed well both operationally and financially given challenges arising from the onset of COVID-19 work restrictions in March.

    Updating estimates. While we trimmed our second quarter EPS estimate to reflect modestly higher expense, our full year EPS estimate remains $0.05. We forecast 2020 EBITDA estimate of $64.4 million. Our 2021 estimates remain…


    Click to get the full report.

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. 

Energy Services of America (ESOA) – Another Tough Quarter But Higher Backlog and PPP Loan are Positives

Posted on by Admin

Friday, May 15, 2020

Energy Services of America (ESOA)

Another Tough Quarter But Higher Backlog and PPP Loan are Positives

Energy Services of America Corporation is engaged in providing contracting services for energy-related companies. The company is primarily engaged in the construction, replacement, and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. It services the gas, petroleum, power, chemical and automotive industries, and does incidental work such as water and sewer projects. Energy Service’s other services include liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Another soft quarter and challenging start to fiscal year 2020 continues. 2Q2020 (March) EBITDA of negative $1.2 million was below our estimate of $1.2 million. Revenue was lower than expected, as were margins, both gross and EBITDA. Total revenue was $25.8 million, down from $38.3 million in 1Q2020. We expected some seasonality over the first two fiscal quarters, but we clearly miscalculated the impact of the measures taken to curb the spread of COVID-19 and the slow down in the energy market triggered by sharply lower crude oil prices.

    Lowering FY2020 EBITDA to $3.5 million from $7.1 million to reflect lower 2Q2020 operating results and more moderate revenue and gross margin assumptions due to project cancellations/delays. No details were offered, but management stated that certain projects were cancelled and and others were delayed. At the same time, projects with revenue potential of more than $25 million are expected to start this quarter. Forecasted revenue moves down to $94.4 million from $110.1 million, with EBITDA margin of…



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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. 

Helix Biopharma (HBPCF)(HBP:CA) – Phase I Results at ASCO Bode Well for Lead Drug’s Prospects

Posted on by Admin

Friday, May 15, 2020

Helix Biopharma (HBPCF)(HBP:CA)

Phase I Results at ASCO Bode Well for Lead Drug’s Prospects

As of April 24, 2020, Noble Capital Markets research on Helix Biopharma is published under ticker symbols (HBPCF and HBP:CA). The price target is in USD and based on ticker symbol HBPCF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
Helix BioPharma Corp is a Canada-based clinical-stage biopharmaceutical company focused on cancer drug development. It develops therapies in the field of immuno-oncology based on its proprietary technology mainly in the areas of cancer prevention and treatment. The company has Tumor Defense Breakers (L-DOS47), and Tumor Attackers (CAR-T) product candidates in the pipeline.

Cosme Ordonez, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Helix Biopharma presents data at ASCO 2020. Helix BioPharma yesterday announced results from a recently completed Phase I dose escalation clinical trial on the use of L-DOS47, in combination with pemetrexed and carboplatin, for the treatment of a type of lung cancer. The results were published by American Society of Clinical Oncology (ASCO).

    Lead drug L-DOS47 shows clinical benefit. Of the twelve patients evaluable for efficacy, 5 patients (42%) had a partial response to treatment, 4 patients (33%) showed stable disease and three patients (25%) had progressive disease. In the trial, the objective response rate was 42% and…


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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. 

Harte-Hanks Inc. (HHS) – Modest Covid Impact; Encouraging Revenue Opportunities

Posted on by Admin

Friday, May 15, 2020

Harte-Hanks Inc. (HHS)

Modest Covid Impact; Encouraging Revenue Opportunities

Harte-Hanks is a marketing services company that provides multichannel marketing solutions as well as consulting, data analytics, and strategic assessment. The company’s offerings focus on business-to-business, retail, finance, and automotive segments through digital, social, mobile, and print media offerings. Harte-Hanks strives to develop better customer relationships through its marketing and analytical services for clients. The majority of its revenue is derived from its marketing services in the retail, technology, and consumer brand segments.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

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

    Beats on revenue. Q1 revenues of $40.5 million was better than our $39.5 million estimate, in spite of the Covid impact, estimated to have adversely affected revenues by $2 million. Costs were a little higher than expected, and, as such, adj. EBITDA was shy of our loss of $1.7 million, coming in at a loss of $2.4 million.

    Encouragingly, maintaining quarterly outlook. The Covid impact appears to be relatively modest, hitting its marketing services business, but not its contact center or market fulfillment businesses. Our revenue estimates have been adjusted for the exit of its direct mail operations to Summit Direct Mail, which will save $2 million to $3 million in annualized savings. Adj. EBITDA is expected to be positive in coming quarters for…


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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. 

QuoteMedia (QMCI) – Brushing Off Covid

Posted on by Admin

Friday, May 15, 2020

QuoteMedia (QMCI)

Brushing Off Covid

QuoteMedia, based in Fountain Hills, Arizona, provides cloud-based financial data, market news feeds, and financial software solutions.  Its customers include financial service companies, online brokerages, clearing firms, banks, media portals, public corporations and individual investors.  The company provides a single source solution providing products such as streaming quotes, charting, historical data, technical analysis, news and research.  Information can customized and provided to multiple platforms including terminals and mobile devices.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Solid Q1. First quarter results were largely in line with expectations in spite of Covid 19 that wrecked the economy and many businesses. Revenues increased 3.3%, in line with our expectations. Adj. EBITDA was lower, $191,000 versus our $414,000 estimate, largely due to investments into new products that are expected to be rolled out in

    Management clearly was hoping for a better quarter. The company was impacted by Covid as some clients paused services and some even shuttered. Even though companies appear more cautious, Quotemedia appears to be benefiting from a shift toward work from…


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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. 

Onconova Therapeutics Inc. (ONTX) – Q1 2020 Earnings: 2020 Could Be Transformational for Onconova

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Friday, May 15, 2020

Onconova Therapeutics Inc. (ONTX)

Q1 2020 Earnings: 2020 Could Be Transformational for Onconova

Onconova Therapeutics Inc is a clinical-stage biopharmaceutical company operating in the US. It focuses on discovering and developing novel small molecule product candidates primarily to treat cancer. The company has created a library of targeted agents designed to work against cellular pathways important to cancer cells. Its product candidates are Single-agent IV rigosertib, Oral rigosertib + azacitidine, IV Briciclib, Recilisib, and ON 123300. The key product candidate Rigosertib is a small molecule which blocks cellular signaling by targeting RAS effector pathways.

Ahu Demir, Ph.D., Biotechnology Research Analyst, Noble Capital Markets, Inc.

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

    INSPIRE topline data is set to readout in H2 2020. In Q1 2020, Onconova completed patient enrollment in pivotal Phase 3 INSPIRE trial evaluating rigosertib in 2nd-line high-risk myelodysplastic syndrome (HR-MDS) patients. The company plans to present topline data at a major conference (more likely ASH) in H2 2020.

    Pipeline diversification in 2020. Besides the INSPIRE study, the company is on track to diversify its pipeline with additional programs including an investigator-initiated study of rigosertib plus nivolumab in Stage IV KRAS mutated lung adenocarcinoma and a randomized Phase 2/3 study of the combination of oral rigosertib plus azacytidine in 1st line HR-MDS patients (anticipated in 2020). Also, IND submission of ON123300 (CDK 4/6 + ARK5 inhibitor) program is anticipated Q4 2020. We believe these programs will generate value and…



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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. 

One Stop Systems Inc. (OSS) – Solid Q1 Results but 2Q to be Impacted by COVID-19

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Friday, May 15, 2020

One Stop Systems Inc. (OSS)

Solid Q1 Results but 2Q to be Impacted by COVID-19

One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems. The product line of the company includes GPU Appliances, GPU Expansion, GPUs and co-processors, Flash storage arrays, Flash storage expansion, Servers, Disk Arrays, Desktop computing appliances, accessories and parts. The company delivers high-end technology to customers through the sale of equipment and software for use on their premises or through remote cloud access to secure data centres housing technology.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

    1Q20 Results. Revenue increased 33% to a first quarter record $13.4 million, above the high end of guidance. We were at $12.5 million and consensus was $12.6 million. GAAP EPS loss was $0.07, with adjusted EPS loss of $0.04, compared to a GAAP EPS loss of $0.07 and adjusted EPS loss of $0.03 in the first quarter of 2019. We had projected a GAAP loss of $0.03 and an adjusted EPS loss of $0.01.

    Growing Opportunity Pipeline.During the quarter, OSS closed three new program wins exceeding $1 million each, of which two are new customers. And, as of yesterday, the Company had 27 large opportunities in its pipeline, including eight for PCI Express Gen 4 products and…


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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. 

Sierra Metals (SMTS)(SMT:CA) – The Benefits of a Growing Production Profile

Posted on by Admin

Friday, May 15, 2020

Sierra Metals (SMTS)(SMT:CA)

The Benefits of a Growing Production Profile

As of April 24, 2020, Noble Capital Markets research on Sierra Metals is published under ticker symbols (SMTS and SMT:CA). The price target is in USD and based on ticker symbol SMTS. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
Sierra Metals Inc is a precious and base metals producer in Latin America. The company acquires, explores, extracts, and produces mineral concentrates consisting of silver, copper, lead, zinc and gold in Mexico and Peru. Its activity includes the operation of the Yauricocha Mine in Peru, and the Bolivar and Cusi mines in Mexico. Yauricocha is an underground polymetallic mine using the sublevel block caving and cut-and-fill mining methods. Bolivar is a copper-silver-zinc-gold underground mine using room-and-pillar mining method. The majority of the revenue is earned by selling of the mineral concentrates to its customers in Peru.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

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

    First quarter earnings. Sierra Metals reported adjusted earnings per share of $0.01 compared with $0.01 during the prior year period and our estimate of $0.00. Adjusted EBITDA of $16.1 million increased 34.2% compared with the prior year period and exceeded our estimate. Overall, the company performed well both operationally and financially given challenges arising from the onset of COVID-19 work restrictions in March.

    Updating estimates. While we trimmed our second quarter EPS estimate to reflect modestly higher expense, our full year EPS estimate remains $0.05. We forecast 2020 EBITDA estimate of $64.4 million. Our 2021 estimates remain…


    Click to get the full report.

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.