TPI Composites (NASDAQ:TPIC) Price Target Cut to $1.60 by Analysts at UBS Group

TPI Composites (NASDAQ:TPIC) had its price objective reduced by UBS Group from $2.40 to $1.60 in a research note issued to investors on Tuesday,Benzinga reports. UBS Group currently has a neutral rating on the industrial products company’s stock.

A number of other research firms have also commented on TPIC. Morgan Stanley reaffirmed an “underweight” rating and issued a $2.00 price objective (down from $4.00) on shares of TPI Composites in a research note on Friday, November 15th. JPMorgan Chase & Co. restated a “neutral” rating on shares of TPI Composites in a research report on Thursday, December 12th. Roth Mkm decreased their price objective on shares of TPI Composites from $2.75 to $1.50 and set a “neutral” rating for the company in a research report on Friday, February 21st. StockNews.com upgraded shares of TPI Composites from a “sell” rating to a “hold” rating in a report on Monday. Finally, Bank of America decreased their price target on TPI Composites from $7.00 to $4.00 and set a “buy” rating for the company in a report on Thursday, November 7th. One 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 assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.83.

TPI Composites Stock Performance

Shares of NASDAQ TPIC opened at $1.04 on Tuesday. The firm has a 50 day moving average price of $1.57 and a two-hundred day moving average price of $2.72. The stock has a market cap of $49.51 million, a P/E ratio of -0.21 and a beta of 1.82. TPI Composites has a 52-week low of $1.01 and a 52-week high of $5.75.

TPI Composites (NASDAQ:TPIC) last posted its quarterly earnings data on Thursday, February 20th. The industrial products company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates 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. Analysts predict that TPI Composites will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Construction Taahhut A.S. Dere purchased 66,000 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were acquired at an average cost of $1.44 per share, with a total value of $95,040.00. Following the purchase, the insider now owns 4,295,232 shares in the company, valued at $6,185,134.08. This represents a 1.56 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have purchased a total of 205,000 shares of company stock valued at $307,050 over the last ninety days. 3.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On TPI Composites

Several hedge funds and other institutional investors have recently modified their holdings of TPIC. Erste Asset Management GmbH acquired a new position in TPI Composites during the third quarter worth $7,854,000. Wells Fargo & Company MN increased its position in shares of TPI Composites by 104.1% during the fourth quarter. Wells Fargo & Company MN now owns 28,035 shares of the industrial products company’s stock worth $53,000 after acquiring an additional 718,573 shares in the last quarter. Brightline Capital Management LLC raised its holdings in shares of TPI Composites by 14.3% in the 3rd quarter. Brightline Capital Management LLC now owns 1,658,000 shares of the industrial products company’s stock worth $7,544,000 after acquiring an additional 208,000 shares during the last quarter. Jane Street Group LLC lifted its position in TPI Composites by 228.3% in the 4th quarter. Jane Street Group LLC now owns 222,878 shares of the industrial products company’s stock valued at $421,000 after acquiring an additional 154,994 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in TPI Composites by 433.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 145,666 shares of the industrial products company’s stock valued at $663,000 after purchasing an additional 118,365 shares during the last quarter. Institutional investors own 75.24% of the company’s stock.

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.