Renaissance Technologies LLC Buys 41,970 Shares of TPI Composites, Inc. (NASDAQ:TPIC)

Renaissance Technologies LLC boosted its stake in shares of TPI Composites, Inc. (NASDAQ:TPIC) by 251.1% in the second quarter, HoldingsChannel reports. The firm owned 58,686 shares of the industrial products company’s stock after purchasing an additional 41,970 shares during the quarter. Renaissance Technologies LLC’s holdings in TPI Composites were worth $234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in 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 purchasing an additional 3,737 shares during the period. State Board of Administration of Florida Retirement System boosted its position in 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 purchasing an additional 5,930 shares during the period. Green Alpha Advisors LLC boosted its position in TPI Composites by 2.9% during the first quarter. Green Alpha Advisors LLC now owns 227,627 shares of the industrial products company’s stock worth $662,000 after purchasing an additional 6,351 shares during the period. Monaco Asset Management SAM boosted its position in TPI Composites by 20.0% during the second quarter. Monaco Asset Management SAM now owns 60,000 shares of the industrial products company’s stock worth $239,000 after purchasing an additional 10,000 shares during the period. Finally, SG Americas Securities LLC bought a new position in TPI Composites during the second quarter worth $44,000. 75.24% of the stock is owned by institutional investors.

TPI Composites Stock Up 7.5 %

TPIC stock opened at $4.60 on Friday. The business has a 50-day simple moving average of $4.10 and a 200 day simple moving average of $3.98. TPI Composites, Inc. has a 52 week low of $1.63 and a 52 week high of $5.75.

TPI Composites (NASDAQ:TPIC) 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 company had revenue of $309.82 million during the quarter, compared to analyst estimates of $313.76 million. As a group, research analysts forecast that TPI Composites, Inc. will post -2.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TPIC. Bank of America boosted their target price on shares of TPI Composites from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. JPMorgan Chase & Co. boosted 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 boosted 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. Three equities 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.09.

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.