Monday’s Headlines: Have Tesla’s Profits Doubled?
Here were the biggest movers in the MyWallSt shortlist on Friday:
Moving Up ⬆️
Redfin (RDFN) +11.9%
Eventbrite (EB) +7.2%
The Trade Desk (TTD) +6.7%
Yext (YEXT) +5.0%
Sea Limited (SE) +4.7%
Moving Down ⬇️
Twilio (TWLO) -4.0%
Monster Energy (MNST) -3.2%
Facebook (FB) -2.9%
Amazon (AMZN) -2.4%
IMAX (IMAX) -2.4%
1. According to analysts at Wedbush Securities, Tesla’s (TSLA) Bitcoin investment last month has already more than doubled the company’s 2020 profits. The electric vehicle (EV) maker has already returned close to $1 billion from its $1.5 billion initial investment, compared to the $721 million profit it made last year from vehicle and regulatory credits sales. Tesla’s move appears to have been the pebble that starts an avalanche though as more and more businesses look to diversify their portfolios through cryptocurrency, including payment solutions leader MasterCard (MA), with rumors that Apple (AAPL) could soon make a play. Read the full report here.
2. Recent MyWallSt addition Redfin (RDFN) is making additions of its own, sending its stock up 12% on Friday. The iBuying specialist has agreed on a $608 million price tag for RentPath, the Atlanta-based owner of ApartmentGuide.com, Rent.com, and Rentals.com. RentPath has more than 20,000 apartment buildings on its rental websites, and grew its traffic by more than 25% last year, bringing together a leading site for buying a home with a leading site for renting a home. In short, the move gives Redfin a chance to diversify its offerings from just buying to also renting — a $170 billion industry in the U.S. Read the official press release here.
3. It’s safe to say that travel booking leader, Tripadvisor (TRIP), did not enjoy a strong end to 2020. The Massachusetts-based firm missed estimates with a quarterly loss of $0.41 per share on revenue of $116 million, down 65% year-over-year (YoY). Total revenue for 2020 came in at just $604 million — a 61% decline from 2019. These losses were to be expected in a year ravaged by COVID-19 though, and CEO Steve Kaufer is entering 2021 with optimism, stating: “We see signals that indicate that pent up travel demand continues to grow, setting the travel industry up for a potential inflection later in the year.” Read the full press release here.
There is 1 company on the MyWallSt shortlist that will report earnings today: