TPI Composites (NASDAQ:TPIC - Free Report) had its price objective lowered by UBS Group from $2.40 to $1.60 in a research report report published on Tuesday morning,Benzinga reports. UBS Group currently has a neutral rating on the industrial products company's stock.
Several other research analysts have also commented on TPIC. Bank of America cut their price objective on TPI Composites from $7.00 to $4.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. JPMorgan Chase & Co. reissued a "neutral" rating on shares of TPI Composites in a research report on Thursday, December 12th. Morgan Stanley reissued an "underweight" rating and issued a $2.00 price objective (down from $4.00) on shares of TPI Composites in a research report on Friday, November 15th. Roth Mkm cut their price objective on TPI Composites from $2.75 to $1.50 and set a "neutral" rating on the stock in a research report on Friday, February 21st. Finally, StockNews.com raised TPI Composites from a "sell" rating to a "hold" rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $3.83.
Read Our Latest Analysis on TPIC
TPI Composites Stock Performance
Shares of TPIC traded up $0.09 during trading hours on Tuesday, hitting $1.13. The stock had a trading volume of 1,952,615 shares, compared to its average volume of 1,036,815. The firm has a market cap of $53.80 million, a P/E ratio of -0.22 and a beta of 1.82. The company's fifty day simple moving average is $1.55 and its 200 day simple moving average is $2.70. TPI Composites has a 12-month low of $1.01 and a 12-month high of $5.75.
TPI Composites (NASDAQ:TPIC - Get Free Report) last issued its earnings results on Thursday, February 20th. The industrial products company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.66). The company had revenue of $346.51 million during the quarter, compared to analyst estimates of $364.83 million. As a group, sell-side analysts predict that TPI Composites will post -0.9 earnings per share for the current fiscal year.
Insider Activity
In other news, major shareholder Construction Taahhut A.S. Dere purchased 49,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 4th. The stock was acquired at an average cost of $1.59 per share, for a total transaction of $77,910.00. Following the completion of the purchase, the insider now owns 4,229,232 shares of the company's stock, valued at approximately $6,724,478.88. This trade represents a 1.17 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders acquired 205,000 shares of company stock worth $307,050 over the last ninety days. Corporate insiders own 3.70% of the company's stock.
Hedge Funds Weigh In On TPI Composites
A number of hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP grew its stake in TPI Composites by 24.9% in the third quarter. Quantbot Technologies LP now owns 28,391 shares of the industrial products company's stock worth $129,000 after purchasing an additional 5,653 shares in the last quarter. Barclays PLC lifted its holdings in TPI Composites by 14.9% in the fourth quarter. Barclays PLC now owns 69,542 shares of the industrial products company's stock worth $131,000 after acquiring an additional 9,004 shares during the last quarter. Peoples Bank KS lifted its holdings in TPI Composites by 100.0% in the fourth quarter. Peoples Bank KS now owns 20,000 shares of the industrial products company's stock worth $38,000 after acquiring an additional 10,000 shares during the last quarter. Cedar Point Capital Partners LLC lifted its holdings in TPI Composites by 100.0% in the fourth quarter. Cedar Point Capital Partners LLC now owns 20,000 shares of the industrial products company's stock worth $38,000 after acquiring an additional 10,000 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in TPI Composites by 1.0% in the fourth quarter. Bank of America Corp DE now owns 1,103,086 shares of the industrial products company's stock worth $2,085,000 after acquiring an additional 10,611 shares during the last quarter. 75.24% of the stock is currently owned by institutional investors and hedge funds.
About TPI Composites
(
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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.
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