Research – EuroDry (EDRY) – Increasing EBITDA Estimate

Posted on May 28, 2019 by Admin

Tuesday, May 28, 2019

EuroDry (EDRY)

Navigating Dry Bulk Market Weakness Well

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands and trades on the NASDAQ Capital Market under the ticker EDRY. EDRY is the product of a spin-off of the dry bulk fleet by Euroseas (ESEA) completed in May 2018.

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

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Another solid quarter as pure dry bulk play. Adjusted 1Q2019 EBITDA of $2.5 million was above our estimate of $2.2 million and modestly below $3.5 million in 4Q2018 due to hedging activity that offset lower TCE rates.
Increasing 2019 EBITDA estimate to reflect reported operating results, forward contract cover and current dry bulk market conditions. Our adjusted 2019 EBITDA estimate increases to $10.4 million from $10.2 million to incorporate the positive var…

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NOTE: investment decisions should not be based upon the content of
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Research – Pyxis Tankers (PXS) – Still Looking for a Recovery

Posted on May 24, 2019 by Admin

Friday, May 24, 2019

Pyxis Tankers (PXS)

Slight Improvement, But Still Tough. Looking for 2H2019 Recovery

Pyxis Tankers Inc is a US-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of six double hull product tankers, which are employed under a mix of short- and medium-term time charters and spot charters.

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

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A Slight Improvement Over 4Q2018, But Still Another Tough Quarter. Adjusted 1Q2019 EBITDA of $0.5 million was below our
estimate of $0.7 million. A shortfall in TCE revenue (-$0.1 million) and higher
opex ($0.2 million) more than offset slightly lower G&A expenses ($0.2 million).
Adjusting 2019 Estimate to reflect quarterly
results and expected 2H2019 recovery. Due to weaker operating results, we are lowering our 2019 EBITDA
estimate to $6.5 mill…

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Research – Trovagene (TROV) – Agreement with Nektar Therapeutics

Posted on May 24, 2019 by Admin

Friday, May 24, 2019

Trovagene Inc. (TROV)

What a Preclinical Agreement Means

TrovaGene Inc is a US-based life science company which focuses on the development and commercialization of a proprietary molecular genetic detection technology for use in pharmaceutical development, clinical research and medical testing across a variety of clinical disciplines, including oncology and virology.

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

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Early Stage Development Agreement with Nektar Therapeutics. Trovagene announced a research and development agreement
with Nektar Therapeutics (NKTR, Not Covered) to assess Onvansertib in
combination with Onzeald (etirinotecan pegol) in preclinical colorectal cancer
model.
The basis of the agreement. The preclinical work includes two different colorectal cancer
models; BRAF-mutant and KRAS-mutant. Management stated that Nektar is
re…

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Research – McClatchy (MNI) – Raising Our Rating

Posted on May 23, 2019 by Admin

Thursday, May 23, 2019

The McClatchy Company (MNI)

Is The Slide Over?

The McClatchy Co is the third-largest newspaper publisher in the United States, operating 30 dailies and approximately 50 nondaily publications in 29 markets nationwide.

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

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Option value. We are raising our rating on the MNI shares to
Outperform for speculative investors based on the prospect of an acceleration
in debt pare down, stabilizing cash flow and improving debt leverage ratio.
Q1 review. Q1 results were below our expectations on both revenues and
cash flow. The results reflected strategic decisions to increase paywalls for
its Digital businesses and restructurings. Notably, there were signs of…

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News – Videogames: The Next Professional Sport

Posted on May 22, 2019 by Admin

Can we really call videogamers professional athletes?

(Note: companies that could be impacted by the content of this article are listed at the base of the story (desktop version). This article uses third-party references to provide a bullish, bearish and balanced point of view; sources listed in the “Balanced” section)

He’s making about $300,000 a month, he has a fan base numbered in the millions, and he spends at least 12 hours a day playing on his computer. Tyler Blevins, better known by his Fortnite handle “Ninja”, is a superstar in the world of organized, competitive videogaming or eSports. eSports fans tune in via online streaming services to watch professional gamers like Ninja play their favorite videogames in real time. Certain tournaments can attract audiences in the tens of millions attending via live-streaming platforms like YouTube or Amazon’s Twitch to watch gamers compete for cash prizes of up to $25 million. The global appeal of this new form of entertainment has put eSports well on its way to becoming a billion-dollar industry this year. But can videogames really take market share away from traditional sports?

Research – Pangea Logistics (PANL) – New Dividend

Posted on May 21, 2019 by Admin

Tuesday, May 21, 2019

Pangaea Logistics (PANL)

New Dividend Reinforces View of Consistent Business Model

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.

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

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

Initiating A Dividend. The dividend of $0.035/share per quarter (paid on June 11th to record holders as of June 3rd) equates to an annual yield of 4.0%. Not only is the yield attractive, the dividend is a very positive signal that highlights the confidence in the consistency of the business model. It also should help broaden the shareholder base.
Dividend Very Manageable. Cash flow has been consistently positive and there should be no problem sustaining an annual dividend of $5.1 million. Even adding the dividend to the $14 mil…

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Research – Great Panther Silver (GPL) – Reports first quarter loss

Posted on May 17, 2019 by Admin

Friday, May 17, 2019

Great Panther Silver (GPL)

Why 1Q Results Are Not Indicative of Future Performance.

Great Panther Silver Ltd is a precious metals mining and exploration company. It owns two mines Topia and Guanajuato Mine Complex (GMC). The Topia operations produce silver, gold, lead, and zinc whereas the GMC operation produces silver and gold.

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

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GPL reports first quarter loss. Great Panther Mining reported a first quarter loss of ($9.1) million, or ($0.05) per share, compared with our loss estimate of ($3.5) million, or ($0.02) per share. The variance to our estimate was due to lower mining operating earnings, acquisition costs and higher finance and other expenses.
Updating estimates. We are lowering our 2019 EPS and EBITDA estimates to $0.00 and $37.6 million from $0.04 and $54.2 milli…

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Research – Pangaea Logistics (PANL) – Another Solid Quarter; Consistent Business Model

Posted on May 17, 2019 by Admin

Friday, May 17, 2019

Pangaea Logistics (PANL)

Consistent Business Model Shines in Weak Market.

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

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

Chalk Up Another Solid Quarter to
the Consistent Business Model. Pangaea’s business model continues to deliver strong results amid severe market weakness. 1Q2019 EBITDA of $8.6 million was short of our $11.1 million estimate, but PANL generated a premium of $4,869/day to the BPI/BSI market indices, which was well above $2,801/day in 4Q2018.
Updating 2019 EBITDA estimate. As a result of the 1Q2019 shortfall, our EBITDA estimate moves to $60.9 milli…

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Research – One Stop Systems (OSS) – Files $100 Million Shelf Registration

Posted on May 17, 2019 by Admin

Friday, May 17, 2019

One Stop Systems (OSS)

Files $100 Million Shelf, What This Means Moving Forward.

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.

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

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Shelf Filing. Late Wednesday, One Stop Systems filed a S-3 “Shelf” registration with the SEC. The Shelf is for up to $100 million using any of common stock, preferred stock, debt, warrants, etc.
Will Help With Liquidity, If Needed. While management is confident existing available loans and cash flows should be sufficient for the next twelve months, the Shelf provides the Company with additional funding options if business increases faster than anticip…

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Research – Entravision (EVC) – Investor Call Highlights

Posted on May 17, 2019 by Admin

Friday, May 17, 2019

Entravision Communications (EVC)

What We Learned From The Investor Call.

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.

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

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

Strong cost controls. The quarter benefited from cost cutting which began in April 2018 and which continued through 2019. Importantly, audit fees were $1.2 million in the quarter, a large portion which may be viewed as non recurring. Finally, Direct Operating Expenses and SG&A expenses are expected to be down for 2019.
Company provides Q2 pacings. Management indicated that second quarter revenues were pacing up 5% for Television, down 11% for Radio and down 6% for its Digital businesses. While Q2 revenue trends are slightly lower than our expectations, the compa…

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Research – electroCore (ECOR) – Stock price doesn’t reflect the value of gammaCore

Posted on May 17, 2019 by Admin

Friday, May 17, 2019

electroCore (ECOR)

Has the stock overreacted?

Electrocore Inc is a commercial-stage bioelectronic medicine company with a platform for non-invasive vagus nerve stimulation therapy initially focused on neurology and rheumatology. Its product gammaCore is FDA-cleared for the acute treatment of pain associated with migraine and episodic cluster headache in adults.

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

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

Current stock price doesn’t reflect the value of
gammaCore. Following and investor call on May 14th, ECOR stock lost over 40% of its value. While we recognize the slower than anticipated revenue ramp and prolonged timelines for additional payer agreements, we would like to emphasize gammaCore’s potential in the multi-billion-dollar migraine market.
Revenues should ramp up. The company currently has agreements established with three large payers (CVS Caremark, Highmark and Federal Supply Schedule). As the managem…

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Research – electroCore (ECOR) – First quarter 2019 results are below expectations

Posted on May 16, 2019 by Admin

Thursday, May 16, 2019

electroCore (ECOR)

Will Revenue Ramp up in the Next Quarters?

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

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

First quarter 2019 results are
below expectations. The company reported $0.4 million of revenue (+11%), 2,200 prescribing physicians (+22%) and consistent prescriptions in this quarter relative to the previous quarter. In the quarter, electroCore expanded coverage of reimbursement with payers (CVS Caremark, Highmark and federal supply schedule (FSS)), however this has not yet impacted revenue growth.
Acceleration is anticipated in the next
quarters. We are assessing the company’s progress and scrutinizing the market uptake of gammaCore in the next quarters of 2019. On the call, management stated that the modest revenue ramp is dri…

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Research – Entravision (EVC) – First quarter 2019 update

Posted on May 16, 2019 by Admin

Thursday, May 16, 2019

Entravision Communications (EVC)

Back On Schedule!

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

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

Some noise in the first quarter. The Q1 revenues of $ 64.7 million were lighter than our $66.8 million estimate, largely due to softer revenues in its Digital and Radio businesses. TV outperformed our expectations. Cash flow, however, was better than expected even factoring in the one-time costs for auditors of $1.3 million, ($8.1 million versus our $6.7 million estimate).
Revenue trends should improve. We believe that the company’s Digital revenues should show some moderation in coming quarters as the company executes on its profitable revenue growth strategy. In addition, Television appears to be doing pretty well. We expect more co…

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