Texas Capital Securities analyst Derrick Whitfield reiterated a Hold rating and $1.75 price target on Aemetis (NASDAQ: AMTX)

The analyst commented, "We view this release as positive. The positives include: i) CARB approval for 7 new LCFS pathways for the company’s RNG business, increasing the -150 default value to an average CI score of -380, ii) higher-than-expected ethanol and WDG sales volumes, and iii) quarterly revenue and adjusted EBITDA that exceeded our estimates. The negatives include: i) slightly higher-than-expected quarterly capex, and ii) lower-than-expected D3 RIN and LCFS credit sales, albeit RNG volumes were in line with our estimates. Net-net, Aemetis delivered a better-than-expected quarter relative to our estimates and received approval for 7 new LCFS pathways that stand to improve revenue and cash flow as RNG production continues to scale."

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Shares of Aemetis closed at $1.54 yesterday.