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V2X (VVX) – Expanding Capabilities

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Tuesday, August 12, 2025

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

A Tuck-in. Last night, after the market closed, V2X announced it had entered into an agreement to acquire a specialized data engineering, intel mission support, and cyber solutions business serving the Intelligence Community (IC). The transaction is valued at approximately $24 million, net of estimated tax benefits. We expect additional details to follow.

IC Expansion. The acquisition advances V2X’s strategic growth objectives and further extends its reach beyond traditional defense markets, enabling the Company to pursue a greater share of the National Intelligence Program budget and related opportunities. The acquisition adds some 70 people to V2X.


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Direct Digital Holdings (DRCT) – A Significant, Positive Development

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Tuesday, August 12, 2025

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

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

Converts the majority of its debt. The company announced that it has converted $25.0 million of its roughly $34.4 million in debt into a perpetual Series A Preferred Convertible Stock. The Preferred Stock will carry a cumulative annual 10% dividend, based on board of approval, and will be convertible at $2.50 per Class A common share. Following the transaction, the company will have roughly $9.4 million debt remaining under its Term Loan Facility. The move is viewed favorably. 

Significant, but manageable restrictions. The company will be required to maintain total leverage below 3.5 to1 declining to 3.25 to 1. In addition, the company will need to maintain a fixed charge coverage of 1.25 to 1 rising to 1.5 to 1. In addition, the company must maintain $1.5 million in unrestricted cash. Finally, the company must maintain a minimum of consolidated EBITDA of $1.0 million for fiscal quarters end Sept. 2025 and then $500,000 thereafter. 


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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. 

Nutriband (NTRB) – CEO Gareth Sheridan To Run For President Of Ireland

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Tuesday, August 12, 2025

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.

CFO Will Transition To CEO. Nutriband CEO and Co-Founder Gareth Sheridan has announced plans to take a three-month leave from the company to run for President of the Republic of Ireland. The current CFO and Co-Founder, Serguei Melnik, will become Acting CEO as Mr. Sheridan campaigns. The election is expected to be held in late September or early October. If elected, Sergeui will become CEO. If Mr. Sheridan is not elected, he may return to the company.

We Wish Gareth Sheridan Well In The Election. As a Co-founder and CEO of the company, Gareth Sheridan has guided the company from an idea to becoming a NASDAQ-listed company with three divisions. Nutriband’s financial planning has allowed  it to develop the AVERSA technology with low operating losses, keeping the share base low.


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MariMed Inc (MRMD) – Expand the Brand

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Tuesday, August 12, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

Expand the Brand. With the recent Pennsylvania and Maine announcements, MariMed continues to implement its Expand the Brand strategy, which is focused on making the Company’s products accessible to as many consumers as possible. We expect the Company to look at additional new markets, such as New York and New Jersey, for additional expansion.

Market Remains Mixed. There remains a lot of near-term uncertainty in the cannabis industry. Pricing pressures, market saturation, and the lack of federal reform still pose a challenge that MariMed will need to navigate. Entering into established cannabis markets that are expanding into the adult recreational use market enables the Company to quickly capture share in proven markets.


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Cadrenal Therapeutics (CVKD) – 2Q25 Included Clinical Strategy Change and Manufacturing Progress

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Tuesday, August 12, 2025

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.

Cadrenal Reports 2Q With Product News. Cadrenal reported a 2Q25 loss of $3.7 million or $(1.87) per share. During the quarter, the company announced a design modification for the upcoming tecarfarin clinical trial. The company also transferred its manufacturing technology to a CDMO and completed production scale-up in preparation for clinical trials. Cash on June 30, 2025 was $5.6 million.

New Trial Focuses On First Months Of Dialysis. As described in our Research Note on August 7 , the new trial design reflects recent research showing the first four to six months after the start of renal dialysis are an ultra-high-risk period for cardiac events including myocardial infarction, stroke, embolism, and death. The design change will be testing tecarfarin as an anticoagulant to reduce these events. The clinical site activation and trial enrollment are expected to begin around year-end.


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Ripple’s $200M Rail Acquisition: A Strategic Play for Stablecoin Market Dominance

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In a bold move to consolidate its position in the rapidly evolving digital payments landscape, Ripple has announced its intent to acquire Rail, a Toronto-based stablecoin payment platform, for $200 million. This strategic acquisition represents more than just another corporate deal—it signals Ripple’s commitment to capturing the explosive growth in stablecoin-powered international business payments.

The timing of this acquisition is particularly significant. As traditional financial institutions grapple with the inefficiencies of legacy cross-border payment systems, stablecoins have emerged as a compelling alternative, offering the speed and cost advantages of blockchain technology while maintaining price stability through fiat currency backing. Rail’s impressive market penetration—processing an anticipated 10% of the $36 billion global business-to-business stablecoin payment market in 2025—demonstrates the platform’s ability to execute at scale in this burgeoning sector.

Rail’s value proposition extends beyond mere transaction processing. The platform has built sophisticated infrastructure that addresses critical pain points in international business payments. Its virtual account system eliminates the need for companies to maintain dedicated cryptocurrency bank accounts or exchange wallets, significantly lowering barriers to entry for traditional businesses hesitant to directly hold digital assets. This approach has proven particularly attractive to enterprises seeking the benefits of blockchain-based payments without the operational complexity typically associated with cryptocurrency management.

For Ripple, this acquisition represents a natural evolution of its enterprise-focused strategy. While the company has established itself as a leader in institutional digital asset solutions, Rail’s automated back-office infrastructure and comprehensive fiat-to-stablecoin bridging capabilities fill crucial gaps in Ripple’s service offering. The combination creates what executives describe as the most comprehensive stablecoin payment solution available in the current market.

The strategic synergies between the two companies are immediately apparent. Ripple brings extensive regulatory compliance infrastructure, including over 60 licenses across multiple jurisdictions, along with established relationships with major financial institutions. Rail contributes technical innovation in virtual account management and a proven track record in stablecoin payment processing. Together, they can offer clients a seamless experience spanning traditional banking rails and cutting-edge blockchain infrastructure.

The acquisition also reflects broader industry trends toward consolidation in the fintech space. As regulatory frameworks for digital assets mature and institutional adoption accelerates, companies with complementary capabilities are increasingly seeking to combine forces rather than compete across overlapping territories. Ripple’s approach of acquiring rather than building these capabilities internally suggests confidence in Rail’s existing technology and team.

From a competitive standpoint, this deal positions Ripple to challenge established players in the international payments space more effectively. Traditional providers like SWIFT and correspondent banking networks have struggled to match the speed and cost efficiency of blockchain-based alternatives. By combining Ripple’s liquidity network with Rail’s operational infrastructure, the merged entity can offer enterprise clients a genuinely differentiated value proposition.

The $200 million price tag, while substantial, represents a strategic investment in Ripple’s long-term vision of blockchain-powered global finance. With the acquisition expected to close in the fourth quarter of 2025, pending regulatory approvals, both companies will have time to integrate their operations and prepare for what promises to be an increasingly competitive landscape in digital payments infrastructure.

E.W. Scripps (SSP) – Fed Rate Action Could Ignite Auto Advertising

Posted on by [email protected]


Monday, August 11, 2025

The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”

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.

Q2 results largely in line. Total company revenue of $540.0 million was a tad shy of our $546.6 million estimate, but was close enough. The biggest downside variance was Political, which is very unpredictable especially in an off election year. Importantly, the company overachieved our adj. EBITDA estimate, $88.8 million versus $84.8 million. 

Tweaking estimates. Management indicated that Q3 Core advertising was pacing flat in Q3, a sequential improvement from down 1.9% in q2, but a little lighter than we had hoped given the year earlier Political displacement. We tweaked our Q3 revenue estimate down 2.1% to $528.5 million and adj. EBITDA estimate down 2.8% to $71.5 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. 

V2X (VVX) – AIP Sells Some More

Posted on by [email protected]


Monday, August 11, 2025

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

Another Sale. AIP, through its Vertex Aerospace Holdco LLC sub, is selling another 2 million shares of VVX stock through an offering that is expected to close on August 11th. This will be the fourth such sale as the private equity firm continues to lighten its V2X holdings.

V2X to Buy. Subject to the closing of the offering, V2X has agreed to purchase 200,000 shares of V2X’s common stock that are subject to the offering at a price per share of common stock equal to the price to be paid to Vertex Aerospace by the underwriter. V2X intends to fund the repurchase of its common stock with cash on hand. This will cost approximately $10 million, 


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NN (NNBR) – Post Call Update

Posted on by [email protected]


Monday, August 11, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

Second Quarter Developments. NN leveraged the soft market environment to upsize its business development activities and investments. The soft top-line centers around certain automotive customers, which NN was able to partially offset through the contribution of new business launches and precious metals pass-through pricing.

Changing for the Better. Management continues to work on its transformation plan to position the Company for significant upside when end markets improve. For example, YTD, the 18.2% adjusted gross margin is an expansion of 190 basis points over the past two years and well on the way to the 20% gm goal. 


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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. 

CoreCivic, Inc. (CXW) – Post Call Commentary

Posted on by [email protected]


Monday, August 11, 2025

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

Availability. Increased use of CoreCivic’s remaining beds will help drive operating results going forward. If all of the idle 13,419 beds were activated, this would imply around $500 million in annual revenue, and around $200 million to $225 million in incremental EBITDA.

Activations. During the quarter, CoreCivic made substantial progress in reactivating three previously idled facilities, and the Company’s activation teams are preparing for additional contracting activity. Management noted that CoreCivic is in advanced negotiations to activate a fourth idle facility and has just begun negotiations for a fifth facility.


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Kratos Defense & Security (KTOS) – Strong 2Q25, Raises Guidance, Increasing PT

Posted on by [email protected]


Monday, August 11, 2025

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, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

Opportunity Knocks! Virtually every Kratos business unit is forecasting significant future organic growth, including the hypersonic system franchise, small jet engines for drones, missiles, and loitering munitions, the Israeli based microwave electronics business, and the military grade hardware business supporting missile, radar, hypersonic, counter UAS and strategic weapon systems.

2Q25 Results. Kratos reported revenue of $351.5 million, reflecting 17.1% y-o-y growth and 15.2% organic growth. We had projected revenue of $308 million. Adjusted EBITDA was $28.3 million versus $29.9 million a year ago and our $27.5 million estimate. Adjusted net income was $17.1 million, or $0.11/sh, versus $20.8 million, or $0.14/sh, last year and our $18.8 million, or $0.12/sh, estimate.


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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) – New CEO; Reports 2Q25 Results

Posted on by [email protected]


Monday, August 11, 2025

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, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

New CEO. Chris Layden has been selected to serve as President and Chief Executive Officer, effective September 2, 2025, replacing the retiring Peter Quigley. Having spent nearly two decades at Manpower Group and as COO of Prolink, Mr. Layden has extensive experience leading organizations through transformations to advance go-to-market initiatives and accelerate profitable growth.

2Q25 Results. Kelly reported revenue of $1.1 billion, up 4.2% y-o-y but down 3.3% on an organic basis. Second quarter adjusted EBITDA of $37.0 million was down 8.7% versus the prior year, with adjusted EBITDA margin down 40 bp to 3.4%. EPS was $0.52 compared to EPS of $0.12 in the second quarter of 2024. On an adjusted basis, EPS was $0.54 in 2Q25 compared to $0.71/sh in 2Q24. We had forecast $1.17 billion of revenue, $42.5 million adjusted EBITDA, EPS of $0.73, and adjusted EPS of $0.71.


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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. 

Information Services Group (III) – Post 2Q25 Call Commentary

Posted on by [email protected]


Monday, August 11, 2025

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, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

Riding the Waves. ISG is riding two key waves, one is AI adoption, with clients investing aggressively in modernizing their technology operations and infrastructure to support it. The other is cost optimization, as one of the means of funding the AI adoption is through optimization of cloud, infrastructure, and software costs.

AI & Recurring Revenue. AI-related revenue was 2.5x higher than it was a year ago. And in both the second quarter and first half, nearly 20% of total revenue was AI related. Recurring revenues in the second quarter reached $28 million, up 7% sequentially and represented 45% of overall revenue.


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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.