TPI Composites (NASDAQ:TPIC) Shares Gap Up to $12.32

TPI Composites, Inc. (NASDAQ:TPIC – Get Rating)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $12.32, but opened at $13.08. TPI Composites shares last traded at $12.60, with a volume of 109,460 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TPIC. JPMorgan Chase & Co. dropped their price target on shares of TPI Composites from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, February 23rd. Cowen raised their price objective on shares of TPI Composites from $13.00 to $17.00 and gave the stock an “outperform” rating in a research note on Friday, February 10th. StockNews.com initiated coverage on shares of TPI Composites in a research note on Thursday. They issued a “hold” rating on the stock. Piper Sandler raised their price objective on shares of TPI Composites from $12.00 to $15.00 and gave the stock a “neutral” rating in a research note on Monday, February 27th. Finally, Seaport Res Ptn restated a “neutral” rating on shares of TPI Composites in a research note on Sunday, February 26th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.08.

TPI Composites Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 1.41 and a quick ratio of 1.39. The stock’s 50 day simple moving average is $13.12 and its two-hundred day simple moving average is $12.18. The stock has a market cap of $485.42 million, a price-to-earnings ratio of -3.89 and a beta of 1.82.

TPI Composites (NASDAQ:TPIC – Get Rating) last issued its earnings results on Wednesday, February 22nd. The industrial products company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.07. TPI Composites had a negative net margin of 3.84% and a negative return on equity of 38.17%. The company had revenue of $402.28 million for the quarter, compared to the consensus estimate of $443.71 million. On average, analysts forecast that TPI Composites, Inc. will post -1.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TPI Composites

Institutional investors and hedge funds have recently made changes to their positions in the company. Scout Investments Inc. boosted its stake in shares of TPI Composites by 11.7% in the 3rd quarter. Scout Investments Inc. now owns 321,162 shares of the industrial products company’s stock valued at $3,623,000 after purchasing an additional 33,534 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in shares of TPI Composites by 156.9% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 192,710 shares of the industrial products company’s stock valued at $2,174,000 after purchasing an additional 117,705 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in shares of TPI Composites by 1,882.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 691,800 shares of the industrial products company’s stock valued at $8,648,000 after purchasing an additional 656,900 shares in the last quarter. Sycomore Asset Management raised its holdings in shares of TPI Composites by 0.9% in the third quarter. Sycomore Asset Management now owns 358,451 shares of the industrial products company’s stock valued at $4,344,000 after buying an additional 3,300 shares during the last quarter. Finally, Third Point LLC bought a new position in shares of TPI Composites in the third quarter valued at about $1,128,000. Institutional investors and hedge funds own 82.07% of the company’s stock.

About TPI Composites

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TPI Composites, Inc is a holding company, which engages in the manufacturing of composite wind blades for the wind energy market. It operates through the following segments: United States (US), Asia, Mexico, Europe, the Middle East & Africa (EMEA), and India. The US segment includes the production of wind blades in its Newton, Iowa plant, the manufacturing of precision molding and assembly systems used for the production of wind blades in its Warren, Rhode Island facility, and composite solutions for the transportation industry.