TPI Composites (NASDAQ:TPIC) Price Target Cut to $4.00 by Analysts at Bank of America

TPI Composites (NASDAQ:TPIC - Free Report) had its price objective cut by Bank of America from $7.00 to $4.00 in a research report report published on Thursday,Benzinga reports. They currently have a buy rating on the industrial products company's stock.

TPIC has been the topic of several other research reports. Jefferies Financial Group assumed coverage on shares of TPI Composites in a research note on Thursday, October 17th. They issued a "hold" rating and a $5.00 target price on the stock. Piper Sandler boosted their target price on TPI Composites from $3.50 to $3.70 and gave the stock a "neutral" rating in a research report on Monday, August 12th. JPMorgan Chase & Co. boosted their price objective on TPI Composites from $8.00 to $9.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 16th. Finally, Evercore ISI raised TPI Composites to a "strong-buy" rating in a research note on Monday, August 12th. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, TPI Composites currently has an average rating of "Moderate Buy" and a consensus price target of $4.74.

TPI Composites Price Performance

Shares of NASDAQ:TPIC traded down $0.14 during mid-day trading on Thursday, hitting $2.82. The company had a trading volume of 759,175 shares, compared to its average volume of 902,968. The firm has a fifty day moving average price of $4.07 and a 200 day moving average price of $4.12. TPI Composites has a one year low of $1.79 and a one year high of $5.75. The company has a market capitalization of $134.09 million, a PE ratio of -0.64 and a beta of 1.93.

TPI Composites (NASDAQ:TPIC - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported ($1.23) EPS for the quarter, missing analysts' consensus estimates of ($0.69) by ($0.54). The firm had revenue of $309.82 million during the quarter, compared to analysts' expectations of $313.76 million. Research analysts expect that TPI Composites will post -2.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC acquired a new stake in TPI Composites during the second quarter worth $1,421,000. King Luther Capital Management Corp purchased a new stake in shares of TPI Composites during the 2nd quarter worth $1,365,000. LRI Investments LLC purchased a new position in TPI Composites during the 1st quarter valued at about $863,000. DRW Securities LLC acquired a new stake in shares of TPI Composites during the second quarter worth $718,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of TPI Composites in the 1st quarter worth about $312,000. 75.24% of the stock is currently owned by institutional investors and hedge funds.

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.