Core Viewpoint - A-Mark Precious Metals, Inc. (AMRK) is showing potential as a stock pick due to a recent "golden cross" event, indicating a bullish trend in its stock price [1][4]. Technical Analysis - A "golden cross" occurs when a stock's short-term moving average (50-day) crosses above its long-term moving average (200-day), signaling a potential bullish breakout [2]. - The formation of a golden cross involves three stages: a downtrend that bottoms out, the crossover of moving averages, and a subsequent upward price movement [3]. Recent Performance - AMRK has increased by 9% over the last four weeks, suggesting positive momentum [4]. - The company holds a 1 (Strong Buy) rating on the Zacks Rank, indicating strong investor interest [4]. Earnings Outlook - AMRK's earnings outlook is positive, with no downward revisions in earnings estimates over the past two months and one upward revision, leading to an increase in the Zacks Consensus Estimate [4][5]. - The combination of favorable earnings revisions and technical indicators positions AMRK for potential gains in the near future [5].

Core Viewpoint - A-Mark Precious Metals (AMRK) has seen a 13.8% increase in share price over the past four weeks, closing at $26.65, with analysts suggesting a potential upside of 52% based on a mean price target of $40.5 [1][11]. Price Targets and Analyst Consensus - The average price target for AMRK ranges from a low of $29.00 to a high of $63.00, with a standard deviation of $15.8, indicating variability in analyst estimates [2]. - The lowest estimate suggests an 8.8% increase, while the highest indicates a 136.4% upside [2]. - A low standard deviation signifies a strong agreement among analysts regarding the stock's price movement direction [9]. Earnings Estimates and Market Sentiment - Analysts have shown increasing optimism about AMRK's earnings prospects, with a positive trend in earnings estimate revisions, which historically correlates with stock price movements [11]. - Over the past 30 days, one earnings estimate has increased, leading to a 26.1% rise in the Zacks Consensus Estimate for the current year [12]. - AMRK holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [13]. Caution on Price Targets - While price targets are commonly referenced, they can mislead investors, as empirical research shows they often do not accurately predict stock price movements [7][10]. - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [8].

Market Overview - The U.S. stock market has reached record highs following the Fed's first rate cut of the year, reducing rates by 25 basis points to 4-4.25% [1] - The Fed's indication of potential further cuts through 2026 and 2027 has bolstered investor confidence in supportive monetary policy despite slowing growth [1] Investment Strategy - Relative price strength is emphasized as a strategy to identify market leaders likely to outperform [2] - Stocks such as Tutor Perini Corporation (TPC), RF Industries, Ltd. (RFIL), and A-Mark Precious Metals, Inc. (AMRK) are recommended based on their relative price strength [2] Stock Performance Metrics - A stock's potential for returns is primarily assessed through earnings and valuation ratios, alongside its price performance relative to peers [3] - Stocks outperforming their industries or benchmarks should be included in investment portfolios for higher return potential [4] Earnings Estimates and Analyst Sentiment - Stocks that have outperformed the S&P 500 over the past 1 to 3 months and show solid fundamentals are considered optimal for investment [5] - Positive revisions in earnings estimates are crucial, as upward revisions typically lead to price gains [6] Screening Parameters - Stocks must show positive relative price changes over 12 weeks, 4 weeks, and 1 week, alongside positive current-quarter estimate revisions [7] - Only Zacks Rank 1 (Strong Buy) stocks, which have historically outperformed the S&P 500, are included in the screening process [8] Company-Specific Insights - Tutor Perini Corporation (TPC) has a 2025 earnings estimate indicating 220.8% growth, with shares up 153.1% over the past year [9][11] - RF Industries (RFIL) projects a 422.2% growth in 2025 earnings, with shares surging 132.2% in a year [9][13] - A-Mark Precious Metals (AMRK) has a 2026 earnings estimate showing 58.1% year-over-year growth, although shares have declined by 40.3% in the past year [9][15]

Core Insights - Investor sentiment remains bullish despite higher inflation due to tariff policies, with the Federal Reserve expected to lower interest rates for the first time this year as the labor market deteriorates [1] Group 1: Stock Recommendations - A-Mark Precious Metals, Inc. (AMRK) is recommended, with a projected earnings increase of 58.1% year-over-year for fiscal 2026 and a 20% upward revision in broker ratings over the past four weeks [7][9] - Daktronics, Inc. (DAKT) is highlighted, expecting a 28.2% earnings growth for fiscal 2026, supported by a 33.3% broker rating upgrade [10][9] - Ranger Energy Services, Inc. (RNGR) is also noted, with anticipated earnings growth of 53.1% year-over-year in 2025 and a 33.3% increase in broker ratings recently [12][9] Group 2: Broker Insights - Brokers provide valuable insights by engaging with top management, analyzing public filings, and participating in conference calls, which helps in evaluating company fundamentals in the context of current economic conditions [3] - While broker stock upgrades are significant, they should not be the sole basis for portfolio construction; additional factors must be considered for long-term returns [4] Group 3: Stock Screening Strategy - A screening strategy is proposed that includes stocks with broker rating upgrades of 1% or more over the last four weeks, current prices above $5, and an average 20-day volume greater than 100,000 [5] - Stocks with a Zacks Rank of 1 (Strong Buy) or 2 (Buy) have a proven record of success, especially when combined with a VGM Score of A or B [6]

Core Insights - A-Mark Precious Metals, Inc. successfully auctioned seven year 2000 Sacagawea 22 karat gold dollars, achieving a total of $3.28 million in sales during a live auction held on September 12, 2025 [1][4] Company Overview - A-Mark Precious Metals is a fully integrated precious metals platform founded in 1965, offering a range of products including gold, silver, platinum, palladium, and copper bullion, as well as numismatic coins [5] - The company operates through three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending [5][11] - A-Mark has a nearly 40-year relationship with the United States Mint and is a leading Authorized Purchaser of precious metals [4] Auction Details - The auction featured the use of patented Coins in Motion technology, enhancing the presentation of the coins [5] - Two of the auctioned half-ounce coins sold for $550,000 each, marking them as the most valuable U.S. gold coins struck since the Civil War, with sale prices nearly 300 times their bullion content [4] Subsidiaries and Operations - Stack's Bowers Galleries, a subsidiary of A-Mark, is America's oldest collectible coin and currency auction house, conducting various types of auctions [15] - A-Mark's Direct-to-Consumer segment operates multiple online platforms targeting specific niches within the precious metals retail market [10] - The company also has a significant presence in Asia through its subsidiary LPM Group Limited, one of the largest precious metals dealers in the region [8]

Group 1: Medical Properties Trust Inc (MPW) - Noteworthy options trading activity with a total volume of 94,357 contracts, representing approximately 9.4 million underlying shares [1] - This volume is 121.9% of MPW's average daily trading volume over the past month, which is 7.7 million shares [1] - High volume observed for the $6 strike call option expiring November 21, 2025, with 9,246 contracts traded, representing approximately 924,600 underlying shares [1] Group 2: Duolingo Inc (DUOL) - Options trading volume of 21,552 contracts, representing approximately 2.2 million underlying shares, or 111.8% of DUOL's average daily trading volume of 1.9 million shares [3] - Particularly high volume for the $320 strike call option expiring November 21, 2025, with 1,705 contracts traded, representing approximately 170,500 underlying shares [3] Group 3: A-Mark Precious Metals, Inc (AMRK) - Options trading volume of 3,120 contracts, representing approximately 312,000 underlying shares, which is 111.5% of AMRK's average daily trading volume of 279,870 shares [5] - High volume noted for the $30 strike call option expiring March 20, 2026, with 950 contracts traded, representing approximately 95,000 underlying shares [5]

Core Viewpoint - A-Mark Precious Metals (AMRK) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is effective for individual investors as it focuses on earnings estimate revisions, which are crucial for near-term stock price movements [2][4]. - A-Mark's upgrade reflects an optimistic earnings outlook, likely leading to increased buying pressure and a rise in stock price [3][5]. Impact of Institutional Investors - Changes in earnings estimates are closely correlated with stock price movements, largely due to institutional investors who adjust their valuations based on these estimates [4]. Earnings Estimate Revisions for A-Mark - A-Mark is projected to earn $3.43 per share for the fiscal year ending June 2026, with no year-over-year change expected [8]. - Over the past three months, the Zacks Consensus Estimate for A-Mark has increased by 26.1%, indicating a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - A-Mark's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Core Viewpoint - A-Mark Precious Metals (AMRK) has seen a 7.6% increase in share price over the past four weeks, closing at $25.01, with analysts suggesting a potential upside of 61.9% based on a mean price target of $40.5 [1][11]. Price Targets - The average price target for AMRK ranges from a low of $29.00 to a high of $63.00, with a standard deviation of $15.8, indicating variability among analysts [2][9]. - The lowest estimate suggests a 16% increase from the current price, while the highest estimate indicates a potential upside of 151.9% [2]. Analyst Sentiment - Analysts have shown increasing optimism regarding AMRK's earnings prospects, with a strong consensus in revising EPS estimates higher, which correlates with potential stock price movements [4][11]. - Over the past 30 days, one estimate has increased, leading to a 26.1% rise in the Zacks Consensus Estimate for the current year [12]. Zacks Rank - AMRK holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [13]. Conclusion on Price Targets - While the consensus price target may not be a reliable indicator of the extent of AMRK's potential gains, it does provide a directional guide for price movement [14].

Part I [Business Description](index=3&type=section&id=ITEM%201.%20DESCRIPTION%20OF%20BUSINESS) A-Mark Precious Metals is a fully integrated company offering products and services across wholesale, direct-to-consumer, and secured lending segments [Overview](index=3&type=section&id=Overview) - A-Mark is a fully integrated precious metals company offering gold, silver, platinum, palladium, and copper bullion, numismatic coins, and related products to wholesale and retail customers[9](index=9&type=chunk) - The company operates through three complementary segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending[9](index=9&type=chunk) - A-Mark serves a global customer base including mints, manufacturers, refiners, dealers, e-commerce retailers, banks, financial institutions, commodity brokerage houses, industrial users, investors, collectors, and retail customers[9](index=9&type=chunk) [History](index=3&type=section&id=History) - Founded in 1965, A-Mark became an authorized purchaser of gold and silver bullion coins from the United States Mint in 1986, expanding relationships with major sovereign mints globally[11](index=11&type=chunk) - The company was spun off and became publicly traded in 2014[11](index=11&type=chunk) - Transitioned to a vertically integrated company with acquisitions like Goldline (2017) and JM Bullion (2021), and expanded international operations organically and through acquisitions in Canada, Europe, and Asia[13](index=13&type=chunk)[14](index=14&type=chunk) - Acquired the successor to Spectrum Group International, Inc. (SGI) in February 2025, expanding into the collectible coin and currency market[15](index=15&type=chunk) [Business Segments Overview](index=3&type=section&id=Business%20Segments%20Overview) - Wholesale Sales & Ancillary Services: Wholesales gold, silver, platinum, palladium bullion and related products, offers financing, secure storage, and logistics, and owns a silver mint and distributes for sovereign/private mints[16](index=16&type=chunk) - Direct-to-Consumer: Sells precious metals to domestic and international retail customers through consumer-facing subsidiaries[16](index=16&type=chunk) - Secured Lending: Provides liquidity by originating and acquiring commercial loans collateralized by bullion, numismatic coins, and graded sports cards[16](index=16&type=chunk) [Competitive Advantages](index=4&type=section&id=Competitive%20Advantages) - Integrated operations spanning trading, distribution, logistics, minting, storage, hedging, financing, and consignment[18](index=18&type=chunk) - Extensive and varied customer base including financial institutions, dealers, collectors, investors, manufacturers, refiners, and mints[18](index=18&type=chunk) - Expertise in e-commerce and marketing, secure storage, and long-standing relationships with major sovereign mints (e.g., U.S. Mint for over 35 years)[18](index=18&type=chunk) - Ability to obtain favorable pricing and financing terms due to size, minting operations for custom products, and global trading systems with experienced traders managing commodity price risk[18](index=18&type=chunk) [Growth Strategy](index=4&type=section&id=Growth%20Strategy) - Continue growing consumer-facing brands and investing in the Direct-to-Consumer segment to acquire and retain customers[18](index=18&type=chunk) - Cross-sell existing products and services (e.g., proprietary minted products, secure storage) to its approximately **4.2 million total retail customers**[18](index=18&type=chunk) - Leverage minting capabilities (SilverTowne, noncontrolling interest in Sunshine Minting) to sell additional proprietary products to wholesale and direct-to-consumer customers[18](index=18&type=chunk) - Expand global footprint in Canada, Europe, and Asia, building on recent acquisitions like LPM (Asia) and SGB (Canada)[26](index=26&type=chunk)[33](index=33&type=chunk) - Leverage technology to deliver new products and increased services, including developing new digital products (e.g., mobile interface for buying/selling/storing physical metal) and improving customer interfaces[26](index=26&type=chunk) - Pursue strategic investments and acquisitions to broaden product offerings, serve existing customers, enter new geographic regions, and target new customer demographics, as evidenced by recent acquisitions of SGI, Pinehurst, and AMS[26](index=26&type=chunk) [Wholesale Sales & Ancillary Services Segment Details](index=5&type=section&id=Wholesale%20Sales%20%26%20Ancillary%20Services%20Segment%20Details) - Sells over 2,000 different products including gold, silver, platinum, and palladium coins and bars from major sovereign and private mints[22](index=22&type=chunk)[23](index=23&type=chunk) - Provides customized financing, secure storage, and turn-key logistics services through subsidiaries like AMGL and TDS[16](index=16&type=chunk)[30](index=30&type=chunk) - Operates SilverTowne Mint for fabricating silver bullion products and holds a noncontrolling interest in Sunshine Minting, Inc[31](index=31&type=chunk) - Engages in commodity hedging to protect inventory from market price fluctuations and offers precious metals price quotes in various foreign currencies[27](index=27&type=chunk) - International operations include offices in Vienna, Austria (AMTAG), Hong Kong (LPM, Asia headquarters), and Singapore (AM Precious Metals Singapore PTE Ltd.)[33](index=33&type=chunk) - Recent acquisitions (SGI, Pinehurst) expanded operations into collectible coin and currency markets, with wholesale activities integrated into this segment[28](index=28&type=chunk)[29](index=29&type=chunk) [Direct-to-Consumer Segment Details](index=7&type=section&id=Direct-to-Consumer%20Segment%20Details) - Operates through subsidiaries like JM Bullion (JMB), Goldline, SGI, Pinehurst, AMS, and an investment in Silver Gold Bull (SGB)[35](index=35&type=chunk) - JMB is a leading internet retailer offering over 7,000 different products (coins, rounds, bars) through various proprietary websites (e.g., JMBullion.com, ProvidentMetals.com, CyberMetals.com)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - CyberMetals platform allows customers to buy/sell fractional shares of digital precious metals, convertible to physical products[40](index=40&type=chunk) - Goldline markets precious metals via television, radio, podcasts, and internet, focusing on the investor community[45](index=45&type=chunk) - SGB is a leading e-commerce precious metals retailer in Canada, with the Company increasing its ownership to **55.4% in June 2024**[49](index=49&type=chunk) - Recent acquisitions (SGI, Pinehurst, AMS) expanded direct-to-consumer offerings, including rare coin auctions and e-commerce retail of modern and numismatic coins[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) - JMB and PMPP (joint venture with Goldline and SGB) offer direct-to-consumer purchase programs for precious metals, serving as an inventory source[43](index=43&type=chunk)[47](index=47&type=chunk) [Secured Lending Segment Details](index=8&type=section&id=Secured%20Lending%20Segment%20Details) - Operates through Collateral Finance Corporation, LLC (CFC), a California licensed finance lender[54](index=54&type=chunk)[55](index=55&type=chunk) - Originates and acquires commercial loans secured by bullion, numismatic coins, and graded sports cards[55](index=55&type=chunk) Secured Loans Outstanding (June 30, 2025) | Metric | Amount (approx.) | | :----- | :--------------- | | Total Secured Loans | $94.0 million | | Originated by CFC | 89% | | Acquired from third-parties | 11% | - Loans are typically short-term (approx. six months) with no significant exposure to interest rate fluctuations[57](index=57&type=chunk) - All loans are fully secured with loan-to-value (LTV) ratios between **50% and 85%**, with margin calls if LTV exceeds prescribed maximums (typically **85%**)[58](index=58&type=chunk) - CFC has never experienced losses of principal on its loans[58](index=58&type=chunk) - Finances loan activities primarily through A-Mark's demand line of credit[61](index=61&type=chunk) [Liquidity](index=10&type=section&id=Liquidity) - Business depends substantially on ability to obtain financing for operations[62](index=62&type=chunk) - Sources of cash from operating activities include receipts from precious metals sales and interest payments on secured loans[62](index=62&type=chunk) - Sources of cash from financing activities include an uncommitted line of credit, fixed interest rate notes, and other structured financing products[63](index=63&type=chunk) Uncommitted Line of Credit (June 30, 2025) | Metric | Amount | | :----- | :----- | | Access up to | $467.0 million | | Maturity Date | September 2026 | [Market Making Activity](index=10&type=section&id=Market%20Making%20Activity) - A-Mark acts as a principal market maker, maintaining a two-way market for buying and selling precious metals[65](index=65&type=chunk) [Material Resources](index=11&type=section&id=Material%20Resources) - Maintains substantial inventory of bullion and coins for selection and prompt delivery[66](index=66&type=chunk) - Acquires product from customers, government/private mints, mines, refiners, and commodity exchanges[66](index=66&type=chunk) - Precious metals inventories are marked-to-market daily, except for collectible coin inventory (lower of cost or net realizable value)[67](index=67&type=chunk) - Policy is to remain substantially hedged against commodity price risk using financial derivative instruments (forward and futures contracts)[67](index=67&type=chunk) [Sales and Marketing](index=11&type=section&id=Sales%20and%2

Financial Performance - Q4 FY 2025 revenues decreased 1% to $2.51 billion from $2.52 billion in Q4 FY 2024 and decreased 17% from $3.00 billion in Q3 FY 2025[10] - Q4 FY 2025 gross profit increased 90% to $81.7 million from $43.0 million in Q4 FY 2024 and increased 99% from $41.0 million in Q3 FY 2025[10] - Q4 FY 2025 net income decreased 67% to $10.3 million from $30.9 million in Q4 FY 2024, but increased 221% from a net loss of $8.5 million in Q3 FY 2025[10] - FY 2025 revenues increased 13% to $10.98 billion from $9.70 billion in FY 2024, with a 15% increase excluding forward sales[12] - FY 2025 gross profit increased 22% to $210.9 million from $173.3 million in FY 2024[12] - FY 2025 net income decreased 75% to $17.3 million from $68.5 million in FY 2024[12] - FY 2025 diluted earnings per share totaled $0.71, a 75% decrease compared to $2.84 in FY 2024[12] - Adjusted net income for FY 2025 decreased 34% to $53.1 million from $80.3 million in FY 2024[12] - EBITDA for FY 2025 decreased 40% to $64.4 million from $106.5 million in FY 2024[12] - Revenues for the fiscal fourth quarter 2025 decreased 1% to $2.51 billion, but increased 5% excluding a $94 million decrease in forward sales[37] - Gross profit increased 90% to $81.7 million, representing 3.25% of revenue, primarily due to acquisitions made in 2024 and 2025[38] - Revenues for the year ended June 30, 2025, increased to $10,978,614, representing a 13.2% growth from $9,699,039 in 2024[79] - Gross profit for the same period was $210,916, up from $173,255 in 2024, indicating a significant improvement in profitability[79] - Net income attributable to the Company decreased to $17,320 from $68,546 in 2024, reflecting a decline of 74.7%[79] - Revenues for the three months ended June 30, 2025, were $2,512,048, a decrease of 0.5% from $2,524,955 in the same period of 2024[82] - Gross profit for the three months ended June 30, 2025, was $81,689, representing a 90.1% increase from $42,971 in 2024[82] - Net income attributable to the Company for the three months ended June 30, 2025, was $10,324, a decrease of 66.6% from $30,940 in 2024[82] - Basic net income per share for the three months ended June 30, 2025, was $0.42, down 68.9% from $1.35 in 2024[82] - Net income before provision for income taxes decreased by 74.3% from $82,778,000 in 2024 to $21,270,000 in 2025[87] Customer Metrics - Gold ounces sold decreased 23% to 346,000 ounces from 448,000 ounces for the same period last year[28] - Silver ounces sold decreased 38% to 15.7 million ounces from 25.4 million ounces for the same period last year[28] - Direct-to-Consumer new customers decreased 81% to 108,900 from 570,300 for the same period last year[28] - Direct-to-Consumer active customers increased 49% to 170,600 from 114,600 for the same period last year[28] - Direct-to-Consumer average order value decreased 15% to $2,443 from $2,890 for the same period last year[28] - JM Bullion's average order value decreased 8% to $2,415 from $2,639 for the same period last year[28] - Direct-to-Consumer total customers increased to 4,196,000 from 3,066,800 for the same period last year[29] - The number of CyberMetals total customers increased to 37,000 from 29,600 for the same period last year[29] - Direct-to-Consumer new customers increased 57% to 1,129,200, with 79% attributed to recent acquisitions[40] Expenses and Liabilities - Selling, general, and administrative expenses rose 135% to $53.4 million, driven by increased compensation and advertising costs[39] - Interest expense increased 17% to $46.2 million, primarily due to increased borrowings and product financing arrangements[53] - Current liabilities rose to $1,114,128, compared to $883,770 in 2024, marking a 26.1% increase[77] - The Company reported a net cash used in investing activities of $104,665 for the year ended June 30, 2025, compared to $63,597 in 2024[81] - Interest expense increased by 33.9% to $12,902 for the three months ended June 30, 2025, compared to $9,633 in 2024[85] Cash Flow and Assets - Cash reserves increased to $77,741 from $48,636 in 2024, showing a growth of 60.0%[77] - Total assets as of June 30, 2025, reached $2,215,431, a 21.2% increase from $1,827,820 in 2024[77] - Net cash provided by operating activities for the year ended June 30, 2025, was $152,347, compared to $60,934 in 2024[81] - The Company had a net increase in cash of $29,105 for the year ended June 30, 2025, compared to $9,318 in 2024[81] - Net cash provided by operating activities decreased by 19.2% to $66,966, compared to $82,850 in the same period last year[86] Strategic Focus - The company is focused on integrating recent acquisitions to optimize expenses and enhance operational leverage[4] - The Company is focused on optimizing expenses and enhancing operating leverage to drive future growth[70] - A-Mark continues to explore acquisition opportunities to expand its market presence and enhance its service offerings[70]