Bank of America Issues Pessimistic Forecast for TPI Composites (NASDAQ:TPIC) Stock Price

TPI Composites (NASDAQ:TPIC) had its target price lowered by Bank of America from $7.00 to $4.00 in a report released on Thursday,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

Several other brokerages also recently weighed in on TPIC. Evercore ISI upgraded shares of TPI Composites to a “strong-buy” rating in a research report on Monday, August 12th. JPMorgan Chase & Co. lifted their price target on TPI Composites from $8.00 to $9.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. Jefferies Financial Group started coverage on TPI Composites in a report on Thursday, October 17th. They issued a “hold” rating and a $5.00 price objective for the company. Finally, Piper Sandler lifted their target price on TPI Composites from $3.50 to $3.70 and gave the company a “neutral” rating in a research note on Monday, August 12th. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, TPI Composites presently has an average rating of “Moderate Buy” and a consensus price target of $4.74.

TPI Composites Trading Up 0.7 %

Shares of TPI Composites stock opened at $2.82 on Thursday. TPI Composites has a twelve month low of $1.90 and a twelve month high of $5.75. The stock has a market capitalization of $134.09 million, a price-to-earnings ratio of -0.75 and a beta of 1.93. The business’s 50 day simple moving average is $4.01 and its 200-day simple moving average is $4.12.

TPI Composites (NASDAQ:TPIC) last posted its earnings results on Thursday, August 8th. The industrial products company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.54). The business had revenue of $309.82 million during the quarter, compared to the consensus estimate of $313.76 million. Sell-side analysts predict that TPI Composites will post -2.74 earnings per share for the current year.

Institutional Investors Weigh In On TPI Composites

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TPIC. Price T Rowe Associates Inc. MD lifted its holdings in shares of TPI Composites by 12.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,347 shares of the industrial products company’s stock valued at $100,000 after buying an additional 3,737 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in shares of TPI Composites by 55.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 16,680 shares of the industrial products company’s stock worth $49,000 after purchasing an additional 5,930 shares in the last quarter. Susquehanna Fundamental Investments LLC lifted its position in shares of TPI Composites by 8.0% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 115,644 shares of the industrial products company’s stock valued at $461,000 after acquiring an additional 8,550 shares during the last quarter. Monaco Asset Management SAM grew its holdings in shares of TPI Composites by 20.0% in the 2nd quarter. Monaco Asset Management SAM now owns 60,000 shares of the industrial products company’s stock worth $239,000 after acquiring an additional 10,000 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of TPI Composites during the second quarter worth $44,000. Institutional investors own 75.24% of the company’s stock.

About TPI Composites

TPI Composites, Inc manufactures and sells composite wind blades, and related precision molding and assembly systems to original equipment manufacturers (OEMs) in the United States, Mexico, Europe, the Middle East, Africa, and India. It also provides composite solutions for the automotive industry; and field service inspection and repair services comprising diagnostic, repair, and maintenance services for wind blades to OEM customers, and wind farm owners and operators.