TPI Composites (NASDAQ:TPIC) Shares Gap Up to $34.92

TPI Composites, Inc. (NASDAQ:TPIC) shares gapped up before the market opened on Thursday . The stock had previously closed at $34.92, but opened at $36.49. TPI Composites shares last traded at $36.14, with a volume of 1,643 shares.

TPIC has been the subject of a number of analyst reports. Raymond James cut their price target on shares of TPI Composites from $50.00 to $44.00 and set an “outperform” rating for the company in a research note on Tuesday, October 5th. Seaport Global Securities initiated coverage on shares of TPI Composites in a research note on Thursday, July 15th. They set a “buy” rating and a $67.00 price target for the company. Seaport Res Ptn restated a “buy” rating on shares of TPI Composites in a research note on Thursday, July 15th. Cowen cut their price target on shares of TPI Composites from $65.00 to $47.00 and set an “outperform” rating for the company in a research note on Friday, July 23rd. Finally, Zacks Investment Research upgraded shares of TPI Composites from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, TPI Composites presently has a consensus rating of “Buy” and an average price target of $54.23.

The company has a market cap of $1.30 billion, a price-to-earnings ratio of 249.37 and a beta of 1.58. The company has a current ratio of 1.27, a quick ratio of 1.24 and a debt-to-equity ratio of 1.12. The firm’s fifty day moving average price is $36.83 and its 200-day moving average price is $43.75.

TPI Composites (NASDAQ:TPIC) last announced its quarterly earnings results on Thursday, August 5th. The industrial products company reported ($1.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.32). TPI Composites had a net margin of 0.33% and a return on equity of 2.42%. The firm had revenue of $458.84 million during the quarter, compared to analyst estimates of $458.79 million. As a group, research analysts anticipate that TPI Composites, Inc. will post -1.67 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Holdings Inc. lifted its position in TPI Composites by 123.7% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 28,338 shares of the industrial products company’s stock valued at $1,372,000 after acquiring an additional 15,672 shares in the last quarter. Jupiter Asset Management Ltd. bought a new stake in TPI Composites in the 2nd quarter valued at $256,000. Morgan Stanley lifted its position in TPI Composites by 22.5% in the 1st quarter. Morgan Stanley now owns 1,177,091 shares of the industrial products company’s stock valued at $66,424,000 after acquiring an additional 215,940 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in TPI Composites by 145.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 29,374 shares of the industrial products company’s stock valued at $1,658,000 after acquiring an additional 17,389 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in TPI Composites by 27.2% in the 1st quarter. Renaissance Technologies LLC now owns 271,995 shares of the industrial products company’s stock valued at $15,349,000 after acquiring an additional 58,195 shares in the last quarter. 84.94% of the stock is currently owned by institutional investors and hedge funds.

About TPI Composites (NASDAQ:TPIC)

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

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