STOCKS TELEGRAPH

Author: ST Staff

  • Tesla Inc. (TSLA) stock rises in the pre-market trading. Here’s to know why?

    Tesla Inc. (TSLA) stock rises in the pre-market trading. Here’s to know why?

    Tesla Inc. (TSLA) stock plunged by 0.93% at the last trading close whereas taking turnaround the TSLA stock rises by 7.67% in the premarket trading session after Tesla reported its record first quarter delivery. Tesla is an electric vehicle and renewable energy company. Tesla’s latest offerings include electric vehicles, home and grid-scale battery energy storage, solar panels and solar roof tiles, and other associated products and services.

    What is happening?

    Tesla announced that it has delivered 184,800 electric vehicles in the first quarter of 2019, surpassing the previous high of 180,570 units set in the fourth quarter of 2020. Furthermore, 1Q vehicle shipments were significantly higher than analysts’ estimates of 177,822 units. TSLA stock first-quarter deliveries were also up 109 percent from the same quarter a year earlier, when the company shipped 88,400 electric cars.

    The Model Y and Model 3 accounted for 182,780 of the total, representing a 139.9% rise year over year. However, deliveries of the Model S and X dropped 83.4 percent year over year to 2,020 vehicles. The quarter’s overall production rose by 75.6 percent year over year to 180,338 units.  TSLA stock announced that its Model Y electric car has been well received in China and that it is on track to reach full production.

    Furthermore,

    Daniel Ives who is a Wedbush analyst said that the Q1 delivery numbers that has been released on Friday were a paradigm shift which shows that global pent-up demand for Tesla’s Model 3/Y is approaching its next stage of growth as part of a global green tidal wave. Despite the chip shortage and numerous supply chain issues lingering throughout the auto industry, we now believe TSLA stock could surpass 850k deliveries for the year, with 900k as a stretch target.

  • Seneca Biopharma Inc (SNCA) stock soared in the pre-market trading session: here’s why

    Seneca Biopharma Inc (SNCA) stock soared in the pre-market trading session: here’s why

    Seneca BiopharmaInc (SNCA) stock recently traded at $1.69 which is a 0.59% downward movement. The SNCA stock previously closed at $1.70. SNCA stock also soared in the pre-market trading session by 8.88% at the time of writing.

    There is hype around the video released on 2nd April in which the Leading Biosciences, Inc. explains a detailed approach to a proposed merger with Senenca BiopharmaInc (SNCA). This is what has shareholders and investors of SNCA stock excited. The recent positive movement in the trading session could be a result of this proposed merger.

    Seneca’s operational background

    Seneca (SNCA) is a clinical-stage biopharmaceutical company which is specializing in the development of novel and uniquely approached treatments for the diseases that have high unmet medical need. The company has an experimental drug by the name of NSI 566 which is based on stem-cell therapy. This drug is for the potential treatment of ALS (Atmyotrophic Lateral Schlerosis). Furthermore, SNCA stock believes that the potential usage of NSI 566 can be used for the treatment of chronic spinal cord injury and the recovery of motor deficits after an ischemic stroke.

    Leading BioSciences’s focus on GI mucosal barrier

    Leading BioSciences, Inc. is a late-stage biopharmaceutical company that specifically designs novel therapeutics to improve the overall human conditions and health. LBS aims to do this through the therapeutic protection of the gastrointestinal (GI) muscosal barrier. After major surgery, the patients face an interruption of GI function (ileus) which can lead to a delay in recovery and extension in the hospital stay. This adds a high amount of medical and health bills for the patient.

    The therapeutics LBS are working on is aimed to reduce these interruptions of Ileus function and also reduce the need for post-operative recovery treatments and visits. Furthermore, there are many other chronic problems associated with GI mucosal barrier that LBS wish to address with its novel treatments.

    The definitive agreement details of the merger

    The video message released by Leading BioSciences’ CEO, Tom Hallam, provides a compelling investment thesis as to why a merger with Seneca BioPharma, Inc. is highly beneficial and mutual for the company and shareholders. SNCA stock had entered into a definitive merger with LBS on 17th December 2020. As part of the merger, SNCA wishes to sell off its rights to NSI-566. Upon completion of the merger, the combined company will have a new name under which it will operate – Palisade Bio Inc. This new name will have a ticker symbol PALI and trade on the NASDAQ market.

    CEO of LBS gives incentives to SNCA stockholders for merger voting

    Tom Hallam has given a brief overview of the vast market potential for the combined company Palisade Bio Inc. and has urged the SNCA stock shareholders to vote for the merger. This was guided to be done on April 9, 2021, on the virtual Special Shareholder Meeting that can be tracked. In detail, the CEO discussed about the long term overall degradation of SNCA stock’s performance which has the stockholders upset. He then proposes a beneficial opportunity for the stockholders of SNCA that they can maximize their investment value through Palisade Bio yet maintaining an 80% interest in the Seneca’s legacy asset through Contingent Value Right (CVR). This can be only done if stockholders vote for the proposed merger and each proposal at the meeting, as well as the condition of reverse split stock for closing the deal.

  • Castor Maritime Inc. (CTRM) stock declines in the pre-market session. Let’s find out why?

    Castor Maritime Inc. (CTRM) stock declines in the pre-market session. Let’s find out why?

    Castor Maritime Inc. (CTRM) stock plunged by 3.02% at the last trading close while the CTRM stock continued to decline by 4.34% in the pre-market trading. The decline in CTRM stock is not followed by any recent news. Castor Maritime is a well-known company that provides shipping transportation services on an international level through its ownership of oceangoing cargo vessels.

    Recent Development.

    On March 30, 2021, Castor Maritime announced its fourth quarter and full year 2020 financial results which we will discuss below:

    Fourth Quarter and Full year 2020 Financial Results;

    • CTRM stock has generated net revenue of $4.4 million for the fourth quarter 2020 and $12.5 million for the full year compared to $2.8 million for the fourth quarter 2019 and $6.0 million for the year 2019. This is an increase of 57% and 108% in the fourth quarter and full year 2020, respectively.
    • Net loss calculated for the fourth quarter 2020 was $0.8 million compared to net income of $0.5 million for the three months ended on December 31, 2019. Whereas the net loss for the full year 2020 was $1.8 million that includes one off non-cash interest expenses of $1.1 million while the net income for the previous year was $1.1 million.
    • The estimated EBITDA of CTRM stock for the three months ended December 31, 2020, was $0.3 million, relative to $1.1 million for the three months ended December 31, 2019, a 73 percent decrease from the previous year. EBITDA was $2.3 million for the year ended December 31, 2020, compared to $2.2 million for the year ended December 31, 2019, a 5% rise from the previous year.

    Conclusion

    For Castor Maritime and many other companies, the COVID-19 pandemic has caused a lot of hurdles and is still causing havoc in the shipping industry, especially in the tanker and dry bulk industries. Despite signs of progress in the dry bulk charter market from the low rates seen in the first half of 2020 even then the tanker charter market remains depressed. Tanker charter prices are expected to remain unstable in the near term as well.

  • dMY Technology Group, Inc. II (DMYD) stock soared in the pre-market trading session: here’s why

    dMY Technology Group, Inc. II (DYMD) stock recently traded at $15.63 which is a 6.25% upward movement. The DMYD stock previously closed at $14.71. DMYD stock also soared in the premarket trading session by 18.36% at the time of writing.

    The pattern of positive movement in the premarket trading session is believed to be still revolving around the news of a special meeting to take place between DMYD stock and Genius Sports Group.

    Insight into the background of both companies

    dMY Technology Group, Inc. II (DMYD) is a special acquisition (SPAC) company that has the purpose of influencing several business activities and stock purchases. The company is founded by Niccolo de Masi and Harry You. Both partners had created DMYD stock to initiate and process acquisitions, mergers, capital exchanges, asset acquisition, reorganizations, and similar business combinations.

    Genius Sports Group (GSG) is the leading digital sports content, data technology, and integrity service globally. Genius Sports creates partnership for providing official data and technology services revolving around the world of sports, media, and betting. They have provided their services to over 150 countries worldwide specifically for managing the sports news, sports information and media entertainment while broadcasting it through a live online channel as well.

    Genius Sports Group (GSG) is therefore known to be completely infused in the ecosystem of sports and the media industry as well. This is what garners it the reputation to be a partner of 500 sports organizations around the world.

    The SPAC couldn’t have made the Business Combination deal at a better time!

    dMY Technology Group, Inc. II had announced on 30th March, to bring along a proposed business plan for a business combination with Genius Sports Group. The DMYD SPAC is deciding to bring the sports data and technology company public. Furthermore, the announcement of this deal has made the stocks of two companies interlinked for now in the eyes of shareholders and investors. This has also led to DMYD stock soaring last Thursday when Genius Sports (GSG) announced their exclusive sports deal with NFL.

    Game-Changing deal for Genius Sports Group

    NFL is the most popular and important sport there is in the US professional sports league. NFL is ending its deal with Sportradar and Genius Sports Group has come to fill in that gap. It will have exclusive access to NFL’s “Next Gen Stats”. Being the technology and data backbone for the sports betting companies, GSG will be providing these sports-betting data to FanDuel and DraftKings, both of which are sportsbook operators. So for NFL to be partnering up with GSG is a game-changing deal that will allow the sports technology and data company to distribute real-time play-by-play stats of the NFL for the next four years.

    More details about the Special Stakeholder meeting

    DMYD stock has filed a meeting with the SEC for its special meeting taking place on 16thApril, in a definitive proxy statement that underlines the context of the meeting. More details about the meeting can be found on dMY’s linked here website. Once the business combination has come under completion GSG will change its name to GSL (Genius Sports Limited).

  • Cohen & Company Inc. (COHN) stock soared in the recent trading session: here’s why

    Cohen & Company Inc. (COHN) stock soared in the recent trading session: here’s why

    Cohen & Company Inc. (COHN) stock recently traded at $26.19 which is a 10.37% upward movement. The COHN stock previously closed at $23.73.

    The pattern of positive movement in the recent trading session comes along with no relevant news released in April as of now. However, on 23rdMarch, COHN stock announced the expansion of its investment banking division in its indirect, wholly-owned subsidiary.

    Cohen & Company Inc.’s background and operational segments

    Cohen & Company Inc. (COHN) provides financial services that specifically focus on fixed income markets as well as SPAC markets. COHN stock has recently stepped into the SPAC market. Initially, the financial services were focused on small-cap banking institutions but now they have expanded to a wide array of capital markets, asset management, and principal investing services.

    Here is each of the company’s operating segments’ details:

    • Capital Market Segment; fixed income sales, trade, matched book repo financing, and issue placement services
    • Asset Management Segment; collateralized debt obligations, managed accounts, and investment funds.
    • Principal Investing Segment; SPAC franchise- related company’s investments and ROI management.

    COHN announces the hiring of an executive team for its J.V.B Financial Group subsidiary

    Cohen & Company Inc. has an indirect subsidiary which is wholly owned. It is known by the name of J.V.B Financial Group LLC and it specializes in securities financing and sales-trading of fixed income securities. COHN announced that two strong bankers by the name of Dan Nash and Jerry Serowik are going to be the new professionals that will lead the JVB’s Investment Banking division. Both will also coordinate with the COHN stock team to eventually establish a diversified financial services firm.

    Nash and Serowik are strong bankers and even stronger asset for J.V.B Financial Group

    Serowik has been named Head of Equity Capital Markets; his role in the company is to lead JVB’s capital market practices. These capital market practices will expand and generate expertise in the SPAC as well as pipeline transactions. Serowik previously worked at Wells Fargo Securities (as has Dan Nash) and had led the growth in SPAC businesses by acquiring significant IPOs, PIPEs and advisory assignments. Serowik is a great asset to JVB as he has over 17 years of expertise on capital markets specifically an eye for potential and noteworthy SPACs.

    Nash has been named Head of Investment Banking; his role in the company is to lead all aspects of Investment Banking for JVB. Nash has also been hired with the purpose using his expertise on acquisitions, SPAC mergers private placements in capital markets as well as PIPE transactions. Nash has worked previously with Wells Fargo Securities where he advised IT companies on investment and finances, through his role of Global Head of Internet Investment Banking. He also worked previously with MZ-a mobile gaming company- and held different finance investment positions at Intel Corp, Riverstone Networks and BofAMerril Lynch.

    Overall outlook of COHN stock’s fundamentals

    COHN stock’s fundamentals performance is shown in its Q4 and FY 2020 financial results announced on 3rd March. The revenues in Q4 increased by $44.5 million compared to the previous quarter. COHN stock recognized an $8 million net tax benefit in Q4 and total equity rose to $101.4 million compared to $48.8 million in December 2019. This improving performance shows that the company can look forward to more growth expansion, which is why it is expanding its portfolio in the investment banking sector and eying SPAC & merger deals.

  • Here’s why New Concept Energy Inc. (GBR) stock declines in the pre-market trading session?

    New Concept Energy Inc. (GBR) stock gained by 22.14% at the last trading close whereas the GBR stock price declines by 5.15% in the pre-market trading session. New Concept Energy has reported its results for operations on March 31, 2021, for the fourth quarter and full year 2020 ended on December 31. New Concept Energy (NCE) is a fully integrated oil and gas producer that and has been focusing on energy resource production since 2003.  New Concept Energy works on oil and gas drilling and mining ventures in North America. The Appalachian and Utica Basins have the largest concentration of New Concept Energy current properties.

    Recent Development

    Result for Discontinued Operations

    GBR announced a net loss of $170,000 from discontinued operations for the full year ended December 31, 2020, compared with a net loss of $2.4 million for the same period in the previous year. Accumulated depreciation of $2.3 million was included in the loss in 2019, as GBR reduced the recorded value of its oil and gas business.

    In the context of above mentioned results, it is important to mention that GBR sold its oil and gas business in August 2020, resulting in a $2.1 million profit. While the sale price was $85,000, GBR had set aside a $2 million fund for plug and abandonment costs. GBR stock was relieved of all plug and termination responsibilities as a result of the deal.

    Results for Running Operations

    For the fourth quarter 2020, GBR calculated its net loss from the running operations as $32,000 whereas the net loss for the fourth quarter 2019 was $17,000. On the other hand, the net loss reported by GBR stock for the full year 2020 was $52,000 compared to net income of $60,000 for the full year 2019.

    • The complete revenue generated from the rent for the leased property was $101,000 compared to $98,000 for the previous year.
    • The General and administrative expenses were $396,000 while the G&A expense for 2019 was $418,000.
    • New Concept Energy’s operating expenses for the real estate property was $72,000 in 2020 and $61,000 in 2019.
    • GBR’s interest income was $242,000 in the year 2020 compared to $257,000 for the previous year. The interest income reduced because of the decrease in principal balance outstanding due to payments received.
  • NanoVibronix Inc. (NAOV) stock rises in after-hour trading. Why is it so?

    NanoVibronix Inc. (NAOV) stock rises in after-hour trading. Why is it so?

    NanoVibronix Inc. (NAOV) stock rises by 7.84% in the after-hour trading session while there is no recent news available related to this gain in NAOV stock price. NanoVibronix is a medical device company specializing in the development of medical devices based on its innovative low intensity surface acoustic wave technology. This technology enables the development of low-frequency ultrasound waves for a range of medical applications, including the disruption of biofilms and bacteria invasion, as well as pain management.

    Recent Important Events

    On March 31, NAOV stock announced their Special Meeting of Stockholders, which was scheduled for March 31, 2021, that it has got postponed in order to give stockholders more time to vote. The meeting is set to take place again on April 14, 2021. NAOV would continue to receive proxies from its stockholders for the resolutions set out in the Company’s proxy statement throughout the time of postponement. Until properly repealed, proxies previously submitted in relation to the Special Meeting will be voted on at the reconvened meeting. All stockholders who have not yet voted are encouraged to do so before April 13, 2021.

    Also on March 2, 2021, NAOV revealed that through a service disabled veteran group, NAOV’s UroShield urology therapy device has been added to the Federal Supply Schedule, making it possible for Veterans being handled by the Veterans Administration to obtain and use the UroShield.

    The PainShield, NanoVibronix’s other patented product, was put on the Federal Supply Schedule on September 1, 2019, ensuring veterans’ access to non-opioid pain treatment. Veterans who have indwelling Foley catheters will now get UroShield which is a medication to prevent Catheter-Associated Urinary Tract Infections.

    Conclusion

    The postponement of Special Meeting of Stockholders could be the possible reason for this change in NAOV stock price since the meeting has yet to happen. Until the meeting takes place, we will probably witness the NAOV stock to vary quite a few time. The investors would also be looking forward to the final result of this meeting.

  • AeroCentury Corp. (NYSE: ACY) stock Classify A Voluntary Case For Reorganisation Of Chapter 11

    AeroCentury Corp. (ACY) stock combined with its branched-off businesses and daughter companies, specializes in leasing and finance services to various airlines around the globe. ACY has reported that Aero century Corp daughter companies filed a petition (the “Chapter 11 Case”) under chapter 11 of title 11 of the United States Code. A chapter 11 debtor usually seeks relief and aims reorganization to keep sustain its business and resolve indebtedness.

    ACY has planned that the Chapter 11 process is an extremely efficient way to pay back the creditors and increase company progression towards their aim of continuing in operating aircraft and leasing in order to save enterprise value for the stakeholders in the company.

    Aerocentury corp. administration regarding its assets and functioning of its aircraft and communications will not see any changes, however, ACY will pay manufacturers and distributors under a customized set term for goods and services received, with the payment structure and method remaining the same for the employees.

    ACY Opts for Auction Sale.

    ACY has brought forward an auction sale (“Auction Sale”) for its assets to fund repayment of its creditors to its sole secured lender, Drake Asset Management Jersey Limited (“Drake”). ACY has initiated a bid with Drake to buy the aircraft collateral securing the Drake indebtedness, however more valuable bids may produce circumstantial change

    Aerocentury corp. owns twelve aircraft out of which Ten is hindered for full usage by a first priority lien securing the Company’s capital of $83.2 million However two are on lease in Kenya with no correlation to Drake’s indebtedness.

    Conclusion

    AeroCentury Corp. (NYSE: ACY) has invested in a very lucrative market of lease financing for airlines, however, a decrease in demand for traveling due to the pandemic as well as overcoming a high debt may prove to be extremely significant in increasing the company’s valuation.

  • Funko Inc. (FNKO) stock rises in the current market trading. Here’s to know why?

    Funko Inc. (FNKO) stock rises in the current market trading. Here’s to know why?

    Funko Inc. (FNKO) stock surges by 14.02% in the current market trading after FNKO announced that they have acquired majority ownership in TokenWave LLC. Funko is a popular pop culture merchandise company. Funko creates, sources, and distributes licensed pop culture goods such as vinyl dolls, action figures, plush, clothing, board games, housewares, and accessories for fans who want to interact with their favorite pop culture brands and characters in a tactile way.

    What is happening?

    Funko reported today that it has acquired a majority ownership interest in TokenWave who is also the maker of TokenHead is a famous mobile app and website for showcasing and monitoring Non-Fungible Token “NFT” holdings. TokenHead is an iOS and Android app that currently shows over 10 million NFTs and receives over 100,000 daily visits. The investment’s financial terms were not disclosed. Funko’s entrance into the NFT market will be accelerated, and FNKO’s pop culture channel will be expanded to include digital assets as a result of the investment.

    FNKO plans to launch its first NFT offerings in June, with a new property being released every week at a starting price of $9.99. Items will be sold on the WAX network, the leading decentralized blockchain wallet that guarantees the validity of Funko NFT transactions.

    Furthermore,

    The CEO of Funko said that they are extremely looking forward to this new development in FNKO, as this platform will be highly beneficial for the fans. He added that FNKO’s approach in this space is simple which is to provide their licensing partners with a value-added NFT opportunity to leverage their existing pop-culture content through television, movies, sports, music, Anime, video games, and comic books. Lastly, he mentioned that FNKO has fantastic licensing partners who are ecstatic about our foray into the digital realm, and we believe the breadth of our licensing portfolio positions us well for the long haul.

  • Lordstown Motors Corp. (RIDE) stock soared in the recent trading session: here’s why

    Lordstown Motors Corp. (RIDE) stock soared in the recent trading session: here’s why

    Lordstown Motors Corp (RIDE) stock recently traded at $12.18 which is a 3.44% upward movement, at the time of writing. The stock previously closed at $11.77.

    Today’s pattern of RIDE stock movement comes along with the news of a law firm announcing class action complaints filed against the Electric Vehicle Manufacturer.

    The operational background of Lordstown Motors Corp

    Lordstown Motors Corp. is a vehicle manufacturing company. It specifically manufactures electric-vehicles and light duty fleet vehicles. Lordstown has acquired a manufacturing plant in Ohio that is consisting of a 785 acre Assembly plant. The CEO Steve Burn has announced to build the Lordstown Endurance which is an all-electric pickup truck and it will be established. Endurance will be manufactured in the Ohio manufacturing plant. Endurance will be first of its kind electric pickup truck designed for the fleet market.

    Lordstown Motors unmoved by another development of lawsuit?

    The Klein Law Firm has announced today that on behalf of shareholders of RIDE stock it has filed a Class-Action Lawsuit. The Class period starts from August 2020 to March 17, 2021. The Lead plaintiff deadline is for 17th May, 2021. Even SEC has started to look into this investigation.

    However, this has not affected the fundamentals of RIDE stock; it is months away from delivering its first vehicles but even now the company’s market capitalization is crossing over $2 billion. The commercialization plan of Endurance which has a price tag of $50,000 is going to be in September of this year.

    When and how did the accusation of Lordstown Motors Corp begin?

    The RIDE stock news has not been good lately and neither is the consecutive streak of losses in the market by the auto-manufacturing corporation.

    This all started on 12th march when the investigative research firm known as Hindenburg Research set its sight on the claim of CEO of Lordstown Steve Burns. He claimed on an interview on 23rd February that his company has presold 100,000 electric pickup trucks. Hindenburg states that this claim of orders and order book consists of a series of false or non-binding orders.

    What is Hindenburg’s report about?

    In the report created by Hindenburg, it has stated that the electric-vehicle manufacturer has misled its investors by lying about its demand and production capability. The Research firm further stated that the company has no solid revenue and no sellable product.

    Hindenburg had then shorted Lordstown Motors Corp. (RIDE) which led to a downward plunge in the stock price. This RIDE stock news caused other investigative law firms and research firms to pick on the bones on the company, as is the influence of the Hindenburg’s market reputation.

    Since 12th March leading to 18th March, RIDE stock has been under scrutiny of several law firms including The Schall firm, Nationally Ranked Shareholder Rights Firm and Hagens Berman- National Trial Attorneys.

    Steve Burns has defended against the accusation saying that Lordstown won’t directly be addressing the accusations made by the Hindenburg and that the company is cooperating with the regulators to further look into this matter.

    High risks of fraud gives investors mixed views about RIDE stock

    Overall the RIDE stock is performing well amidst the accusation and investigation. Lordstown had reported $630 million cash at hand in the end of the Q4 2020 report. However when looking at the company’s future operation performance, you should keep in mind that Lordstown Motors has no prior experience in the manufacturing of electric vehicles at scale. It has yet to reach a full-capacity limit for its Ohio plant, which is predicted to only happen after second quarter of 2020. Furthermore, there is always the risk of the investigation of SEC finding out the potential bad news for the Company that may not bode well for the Investors either.