TPI Composites (NASDAQ:TPIC) PT Raised to $3.50 at Piper Sandler

TPI Composites (NASDAQ:TPIC) had its price objective hoisted by Piper Sandler from $3.00 to $3.50 in a report released on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the industrial products company’s stock. Piper Sandler’s price target suggests a potential downside of 20.81% from the company’s current price.

A number of other research firms also recently weighed in on TPIC. JPMorgan Chase & Co. upped their target price on TPI Composites from $8.00 to $9.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Roth Mkm boosted their price target on TPI Composites from $3.30 to $3.75 and gave the stock a “neutral” rating in a research report on Monday, May 6th. Finally, Bank of America boosted their price target on TPI Composites from $5.00 to $6.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $6.61.

TPI Composites Stock Performance

TPIC stock opened at $4.42 on Monday. TPI Composites has a fifty-two week low of $1.63 and a fifty-two week high of $11.05. The business’s 50 day moving average price is $4.49 and its two-hundred day moving average price is $3.49. The company has a market capitalization of $208.80 million, a price-to-earnings ratio of -0.96 and a beta of 1.96.

TPI Composites (NASDAQ:TPIC) last posted its earnings results on Thursday, May 2nd. The industrial products company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.59). The business had revenue of $299.06 million during the quarter, compared to analysts’ expectations of $299.93 million. Sell-side analysts forecast that TPI Composites will post -2.11 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. Perigon Wealth Management LLC bought a new position in TPI Composites in the 1st quarter valued at approximately $36,000. Cedar Point Capital Partners LLC bought a new position in TPI Composites in the 4th quarter valued at approximately $41,000. SG Americas Securities LLC bought a new position in TPI Composites in the 2nd quarter valued at approximately $44,000. State Board of Administration of Florida Retirement System lifted its position in 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 valued at $49,000 after acquiring an additional 5,930 shares in the last quarter. Finally, Fiduciary Trust Co bought a new position in TPI Composites in the 4th quarter valued at approximately $54,000. 75.24% of the stock is owned by 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.