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Tesla edges past Wall Street target as bitcoin sales, environmental credits boost revenue
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Autos & TransportationTesla edges past Wall Street target as bitcoin sales, environmental credits boost revenue
ReutersAkanksha RanaHyunjoo Jin
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The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann
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Electric carmaker Tesla Inc (TSLA.O) marginally beat Wall Street expectations for first-quarter revenue on Monday boosted by a jump in environmental credit sales to other automakers and liquidating some bitcoins.
Tesla posted record deliveries in the first quarter despite a global chip shortage that has slammed auto sector rivals, but its profit was not driven by auto sales. read more
Tesla, which had invested $1.5 billion in bitcoin , trimmed its position by 10% during the quarter, said Chief Financial Officer Zachary Kirkhorn. Tesla said proceeds from sales of digital assets amounted to $272 million with a $101 million positive impact .
Markets
Roth Capital analyst Craig Irwin maintained a Buy rating on Lsi Industries (LYTS – Research Report) today and set a price target of $11.00. The company’s shares closed last Friday at $9.30.
According to TipRanks.com, Irwin is a 4-star analyst with an average return of 13.5% and a 51.0% success rate. Irwin covers the Industrial Goods sector, focusing on stocks such as Orion Energy Systems, Workhorse Group, and Amtech Systems.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Lsi Industries with a $12.50 average price target, representing a 39.4% upside. In a report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $14.00 price target.
Operator
Greetings, ladies and gentlemen, and welcome to LSI Industries fiscal third-quarter 2021 conference call. [Operator instructions] It is now my pleasure to introduce your host, Mr. Jim Galeese. Thank you.
You may begin.
Chief Financial Officer and Executive Vice President
Good morning, everyone, and thank you for joining. We issued a press release before the market opened this morning, detailing our fiscal third-quarter results. In conjunction with this release, we also posted a conference call presentation in the Investor Relations portion of our corporate website at www.lsicorp.com. Information contained in this presentation will be referenced throughout today s conference call.
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