Market Playbook

November 22, 2024

DENVER, Colo., Nov 22, 2024 (247marketnews.com)- Stocks to watch; IES Holdings (NASDAQ: IESC) Siyata Mobile (NASDAQ: SYTA), NVIDIA (NASDAQ: NVDA), Beneficient (NASDAQ: BENF), and Virpax Pharmaceuticals (NASDAQ: VRPX)

IES Holdings (NASDAQ: IESC) reported its quarterly and fiscal year financial results, this morning, including the following fiscal year 2024 highlights; revenue increased 21%, to $2.9 billion, compared with $2.4 billion for fiscal 2023, and operating income increased 88%, to $300.9 million, compared with $159.8 million for fiscal 2023

Jeff Gendell, Chairman and CEO of IES, reported, “In fiscal 2024 we continued to build on the progress we made in 2023, with all four of our operating segments growing revenue while expanding operating margins. Year-over-year consolidated revenue increased 21%, as we continued to see strong demand across our key end markets and continued our Residential plumbing and HVAC expansion into new markets. Operating income increased substantially compared with the prior year, both for the fourth quarter and the full fiscal year, reflecting our revenue growth, strong project execution, improved capacity utilization and favorable impacts of materials purchases. I want to thank the entire IES team for their dedication and hard work in delivering these results.

“Looking forward to fiscal 2025, we expect our Communications, Infrastructure Solutions and Commercial & Industrial operating segments to benefit from continued strong demand, particularly in our data center end markets. In addition, we see opportunities to provide all of our operating segments with additional capital to drive further organic growth. Within our Residential segment, we remain cautious about near-term single-family housing demand due to housing affordability challenges and the potential that some buyers may delay home purchases in anticipation of lower mortgage rates over the next year. Nevertheless, we expect to continue to grow our Residential business through further expansion of our plumbing and HVAC services, and we remain optimistic about long-term demand in the housing market.”

IES also reported that it had $198.1 million remaining under its previously announced $200 million stock repurchase authorization, as of September 30, 2024.

Siyata Mobile (NASDAQ: SYTA) is on short squeeze watch, after both dropped despite reporting more than tripling third quarter 2024 revenue and set a new Company quarterly revenue record of $5.9 million, a 218%, or over $4 million, year-over-year increase and a 210%, or $4.0 million, quarter-over-quarter increase.

Siyata traded over 5.9 million shares, which is greater than Siyata’s reported outstanding shares, indicating that the shorts are very busy in Siyata’s market and that there may be some trades that haven’t yet settled, so look for a potential squeeze rebound.

Marc Seelenfreund, Siyata’s CEO, stated, “We are also extremely excited with our sales outlook going forward as we are now seeing tangible, rapid adoption of our unique PTT product portfolio across our various sales channels.  We believe that we have a very exciting 5G product portfolio planned to launch in 2025 which will position us as the leading PTT handset provider on a global level.  We announced recently that T-Mobile is the first wireless carrier that will be launching part of the portfolio and will be releasing details of the innovative devices over the coming months.  We are optimistic that more wireless carriers will follow suit.”

Siyata’s strategy was to place Siyata’s PTT devices into the top carriers, including AT&T (NYSE: T), Verizon (NYSE: VZ), and T-Mobile (NASDAQ: TMUS), so that the Company can benefit from potential cobranding deals, and the results are reflected in the third quarter results.

NVIDIA (NASDAQ: NVDA) has basically traded sideways since reporting, yesterday morning, that its third quarter 2024 financial results, including revenue of $35.1 billion, up 17% from the previous quarter and a 94% increase over the previous year, as its quarterly data center revenue generated a record $30.8 billion, a 17% gain from the second quarter and a 112% year-over-year increase.

Jensen Huang, NVIDIA’s founder and CEO, exclaimed, “The age of AI is in full steam, propelling a global shift to NVIDIA computing. Demand for Hopper and anticipation for Blackwell — in full production — are incredible as foundation model makers scale pretraining, post-training and inference.

“AI is transforming every industry, company and country. Enterprises are adopting agentic AI to revolutionize workflows. Industrial robotics investments are surging with breakthroughs in physical AI. And countries have awakened to the importance of developing their national AI and infrastructure.”

NVIDIA expects to generate $37.5 billion, plus or minus 2%, for its next quarterly report.

After Beneficient (NASDAQ: BENF) reported, last week, that hit its second consecutive profitable quarter, its Technology-Enabled Fiduciary Financial Institution (TEFFI) subsidiary, Beneficient Fiduciary Financial, presented a business operations update to the State of Kansas Joint Committee on Fiduciary Financial Institutions Oversight, focused on “the digital innovation occurring in the alternative asset industry and related economic development activity for the benefit of Kansas communities under the Kansas Technology-Enabled Fiduciary Financial Institutions (TEFFI) Act (“Act”), which was passed in 2021 with near-unanimous support in the Kansas Senate and strong bipartisan support in the House.”

Beneficient further stated, in a separate announcement, that its Beneficient Company Holdings subsidiary consummated a previously publicized transaction that redesignated approximately $35 million of its preferred equity as non-redeemable, resulting in the addition of approximately $35 million of permanent equity on its balance sheet, which the Company believes now meets Nasdaq’s Minimum Stockholders’ Equity Requirement of at least $2.5 million.

Virpax Pharmaceuticals (NASDAQ: VRPX) stated that it was granted an extension of its cooperative research and development agreement with the National Center for Advancing Translational Sciences (NCATS), an institute/center of the National Institutes of Health (NIH), U.S. Department of Health and Human Services, for the continued development of NES100, Virpax’s intranasal peptide product candidate, for the management of acute and chronic non-cancer pain.

Jatinder Dhaliwal, Virpax’s CEO, stated, “We are excited that this collaboration has been extended with NCATS and the NIH Helping to End Addiction Long-term (HEAL) initiative as we believe that it may help Virpax develop an effective and safe alternative to conventional opioids used by patients to manage acute and chronic pain. We believe that the NIH/NCATS collaborative agreement will enable our team to maintain momentum in both our pre-clinical and clinical development strategies.”

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