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

TPI Composites (NASDAQ:TPIC) had its target price cut by research analysts at Bank of America from $7.00 to $4.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s price target points to a potential upside of 42.10% from the stock’s current price.

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

TPI Composites Stock Up 0.7 %

Shares of TPI Composites stock traded up $0.02 during trading hours on Thursday, reaching $2.82. 1,441,155 shares of the company’s stock were exchanged, compared to its average volume of 908,309. TPI Composites has a 1 year low of $1.90 and a 1 year high of $5.75. The company has a market capitalization of $133.85 million, a P/E ratio of -0.61 and a beta of 1.93. The business has a fifty day moving average of $4.01 and a two-hundred day moving average of $4.11.

TPI Composites (NASDAQ:TPIC) last announced its quarterly earnings results on Thursday, August 8th. The industrial products company reported ($1.23) earnings per share 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 analysts’ expectations of $313.76 million. As a group, research analysts predict that TPI Composites will post -2.88 EPS for the current year.

Institutional Trading of TPI Composites

Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new stake in TPI Composites during the second quarter worth about $44,000. State Board of Administration of Florida Retirement System increased its stake in shares of TPI Composites by 55.2% during the first 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 buying an additional 5,930 shares during the period. Intech Investment Management LLC purchased a new stake in shares of TPI Composites during the third quarter worth approximately $65,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of TPI Composites during the first quarter worth approximately $77,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of TPI Composites by 12.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,347 shares of the industrial products company’s stock worth $100,000 after buying an additional 3,737 shares during the period. 75.24% of the stock is currently owned by hedge funds and other institutional investors.

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.