Bank of America Lowers TPI Composites (NASDAQ:TPIC) Price Target to $4.00

TPI Composites (NASDAQ:TPIC) had its price objective lowered by Bank of America from $7.00 to $4.00 in a research note issued to investors on Thursday morning,Benzinga reports. Bank of America currently has a buy rating on the industrial products company’s stock.

A number of other analysts also recently commented on the company. Evercore ISI raised TPI Composites to a “strong-buy” rating in a research note on Monday, August 12th. Piper Sandler upped their price target on shares of TPI Composites from $3.50 to $3.70 and gave the company a “neutral” rating in a report on Monday, August 12th. Jefferies Financial Group began coverage on shares of TPI Composites in a report on Thursday, October 17th. They issued a “hold” rating and a $5.00 target price on the stock. Finally, JPMorgan Chase & Co. raised their target price on shares of TPI Composites from $8.00 to $9.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Four research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $4.74.

TPI Composites Trading Up 0.7 %

NASDAQ TPIC traded up $0.02 on Thursday, hitting $2.82. 1,440,837 shares of the stock traded hands, compared to its average volume of 908,308. The company has a market capitalization of $134.09 million, a P/E ratio of -0.54 and a beta of 1.93. TPI Composites has a twelve month low of $1.90 and a twelve month high of $5.75. The stock has a 50-day moving average of $4.04 and a 200 day moving average of $4.11.

TPI Composites (NASDAQ:TPIC) last released its quarterly earnings results on Thursday, August 8th. The industrial products company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.54). The firm had revenue of $309.82 million for the quarter, compared to analyst estimates of $313.76 million. As a group, equities research analysts expect that TPI Composites will post -2.88 earnings per share for the current year.

Hedge Funds Weigh In On TPI Composites

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TPIC. Sanctuary Advisors LLC acquired a new stake in shares of TPI Composites in the 2nd quarter valued at $1,421,000. Susquehanna Fundamental Investments LLC lifted its position in shares of TPI Composites by 8.0% in the second quarter. Susquehanna Fundamental Investments LLC now owns 115,644 shares of the industrial products company’s stock worth $461,000 after buying an additional 8,550 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of TPI Composites by 22.5% during the 2nd quarter. Marshall Wace LLP now owns 83,638 shares of the industrial products company’s stock worth $334,000 after acquiring an additional 15,369 shares in the last quarter. Interval Partners LP bought a new stake in shares of TPI Composites during the 2nd quarter worth about $235,000. Finally, DRW Securities LLC acquired a new position in shares of TPI Composites during the 2nd quarter valued at about $718,000. Institutional investors own 75.24% of the company’s stock.

TPI Composites Company Profile

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.