Tag: Financial Services

SPACtrac Report – FG Merger Corp. (FGMC) -Asymmetric Return Profile Acquisition To Unlock iCoreConnect SaaS Potential

Posted on by cpereira@noblefcm.com


Wednesday, August 16, 2023

iCoreConnect Inc. (ICCT)

Gregory Aurand, Senior Vice President, Equity Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

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

An Asymmetric Return Profile SPAC. iCoreConnect Inc. (OTC; ICCT) will merge with FG Merger Sub Inc., a wholly owned subsidiary of FG Merger Corp. (Nasdaq; FGMC). In connection with this merger, FGMC will change its name to iCoreConnect Inc. Management believes this is a unique convertible preferred stock asymmetric return structure transaction for FGMC holders, as the preferred will pay a 12% dividend and offer downside protection. The merger is targeting unlocking value in ICCT, and seeking uplisting ICCT to Nasdaq to gain better access to capital. The merger is expected to close mid-to-late August 2023.

Secular Drivers of Growth. iCoreConnect’s target customers are healthcare providers, dental support organizations, hospitals, and payors. Customers are seeking to reduce costs, improve profitability, and achieve better compliance with regulatory mandates through cloud-based multi-solution SaaS (Software as a Service) applications. The SaaS market is estimated to grow nearly 18% annually through 2028, but iCoreConnect expects to grow substantially faster, with an increasing sales reach as the Company expands its commercial sales force. 


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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Bit Digital, Inc. (BTBT) – July Production Up Sequentially

Posted on by cpereira@noblefcm.com


Monday, August 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.

July Production. In July, Bit Digital produced 133.0 BTC, up 12% from 119.1 BTC in June. The increase in production was primarily driven by a higher average active hash rate and was partially offset by an increase in network difficulty. The active hash rate was approximately 1.78 EH/s as of the end of the month, flat with the end of June.

Ethereum. The Company had approximately 12,708 ETH actively staked in native and liquid staking protocols as of July 31, 2023, up from 11,716 at the end of the prior month. Approximately 10,304 were natively staked and 2,404 ETH were deployed in liquid staking protocols. Additionally, Bit Digital had 576 ETH deposited but in queue to be activated on the Ethereum staking network. Bit Digital earned a blended APY of approximately 4.5% on its staked ETH position for the month.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Bit Digital, Inc. (BTBT) – Momentum Continues in June

Posted on by cpereira@noblefcm.com


Friday, July 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.

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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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Bit Digital, Inc. (BTBT) – Into the Digital Mines

Posted on by cpereira@noblefcm.com


Thursday, June 15, 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.

Initiating Coverage. We are initiating research coverage on Bit Digital, Inc. with an Outperform rating and a $4.50 price target. Bit Digital is an asset-light, sustainability-focused digital asset mining company with mining and staking operations in the US, Canada, and Iceland. We believe the Company provides an opportunity for investors to invest in cryptocurrency mining and staking operations through two blue chip tokens in Bitcoin (BTC) and Ethereum (ETH).

Asset-Light Mining. Bit Digital’s primary revenue source is through BTC mining. The Company manages to keep an asset-light model through multi-year contracts with facilities to host the Company’s miners, enabling Bit Digital to exclusively focus on mining. The Company is currently at a hash rate of 1.2 EH/s with a goal of 2.6 EH/s by the end of 2023. We believe Bit Digital is capable of reaching its goal through increased utilization of the existing fleet as well as various miner purchases.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Tokens.com Corp. (SMURF) – A First Look into the Second Quarter

Posted on by cpereira@noblefcm.com


Friday, May 12, 2023

Tokens.com Corp is a publicly traded company that invests in Web3 assets and businesses focused on the Metaverse, NFTs, DeFi, and gaming based digital assets. Tokens.com is the majority owner of Metaverse Group, one of the world’s first virtual real estate companies. Hulk Labs, a wholly-owned Tokens.com subsidiary, focuses on investing in play-to-earn revenue generating gaming tokens and NFTs. Additionally, Tokens.com owns and stakes crypto assets to earn additional tokens. Through its growing digital assets and NFTs, Tokens.com provides public market investors with a simple and secure way to gain exposure to Web3.

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.

Results. Tokens.com reported revenue of $303,217 compared to $326,320 in the prior year. Driven by a $2.6 million digital asset revaluation gain, operating income was $1.9 million compared to a loss of $3.2 million last year. Net income for the quarter was $1.7 million, or diluted EPS of $0.02, compared to $7.8 million, or $0.07. We estimated revenue of $115,000, operating loss of $482,000, and breakeven EPS.

Macro Environment. Tokens.com noted that the ETH Shapella upgrade showed an increase in staking activity, which results in lower yields but is countered with the increase in crypto prices over the last few months. We expect that staking revenue will remain volatile for Tokens.com’s ETH and DOT but will have increases quarter-over-quarter, assuming prices stay level or increase.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Tokens.com Corp. (SMURF) – Step Towards Full Ownership of Metaverse Group

Posted on by cpereira@noblefcm.com


Wednesday, April 19, 2023

Tokens.com Corp is a publicly traded company that invests in Web3 assets and businesses focused on the Metaverse, NFTs, DeFi, and gaming based digital assets. Tokens.com is the majority owner of Metaverse Group, one of the world’s first virtual real estate companies. Hulk Labs, a wholly-owned Tokens.com subsidiary, focuses on investing in play-to-earn revenue generating gaming tokens and NFTs. Additionally, Tokens.com owns and stakes crypto assets to earn additional tokens. Through its growing digital assets and NFTs, Tokens.com provides public market investors with a simple and secure way to gain exposure to Web3.

Joe Gomes, Managing Director – Generalist Analyst, 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.

An Offer. Yesterday, Tokens.com announced an agreement with the Board of Directors of Metaverse Group to acquire all issued and outstanding shares that Tokens.com does not already own. Currently, the Company owns roughly 55.2% of Metaverse Group, or 50.2% on a diluted basis, and Tokens.com will issue 24.38 million common shares for the acquisition, if approved, equal to approximately USD$3.5 million as of yesterday’s closing price.

The Offer Continued. Each minority Metaverse Group shareholder will receive approximately 0.34 Tokens.com shares per Metaverse Group share. The offer is pending approval of Metaverse Group shareholders and a meeting will take place on April 26th, 2023, as well as approval by the NEO Exchange, and is expected to close in May 2023. We expect the offer will be approved by the shareholders and the exchange.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 Inc. (QMCI) – Favorable Revenue Undercurrents

Posted on by cpereira@noblefcm.com


Tuesday, April 04, 2023

QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Virtual Brokers, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Day Trade Dash and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.

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

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Strong operating results. The company reported Q4 revenue of $4.54 million, up 16% year over year and in line with our estimate. Adj. EBITDA was $869,000, beating our estimate of $690,000. Q4 revenue growth was sequentially better than Q3, 16% versus 15%, indicating improved revenue momentum.

Favorable outlook. The recent results benefited from two large Canadian banks added in November of last year. As such, the full revenue impact has not been fully realized. In addition, the company anticipates that there will be additional products and usage to drive revenue growth in 2023. Finally, the latest results were adversely affected by the expense of SOC2 Type II certification, which should moderate in coming quarters.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Tokens.com Corp. (SMURF) – Where Do We Go From Here?

Posted on by cpereira@noblefcm.com


Tuesday, January 03, 2023

Tokens.com Corp is a publicly traded company that invests in Web3 assets and businesses focused on the Metaverse, NFTs, DeFi, and gaming based digital assets. Tokens.com is the majority owner of Metaverse Group, one of the world’s first virtual real estate companies. Hulk Labs, a wholly-owned Tokens.com subsidiary, focuses on investing in play-to-earn revenue generating gaming tokens and NFTs. Additionally, Tokens.com owns and stakes crypto assets to earn additional tokens. Through its growing digital assets and NFTs, Tokens.com provides public market investors with a simple and secure way to gain exposure to Web3.

Joe Gomes, Senior Research Analyst, 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.

Third Quarter Results. Third quarter revenue totaled $101,235, down from $448,976 in the same period last year, as staking revenue dropped to $53,972 from $417,572 last year. On the positive side, Tokens.com reported two new revenue streams-leasing and gaming. Leasing revenue totaled $49,871 while gaming contributed $4,892. Operating loss was at $879.430 versus last year’s $167,331. Net loss for the Company was $1.8 million, or a loss of $0.02 per share versus net income of $4.1 million, or $0.05 per share.

Truncated Full Year Results. As the Company has switched its year-end to September 30 from December 31, Tokens also reported truncated full year results. For the nine months, revenue totaled $678,269 compared to $1.08 million in the same period last year. Operating loss was $2.0 million compared to $5.2 million. Net loss was $5.9 million, or a loss of $0.06 per share, compared to a net loss of $8.3 million, or a net loss of $0.12 per share last year.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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.