TPI Composites (NASDAQ:TPIC) Shares Cross Below 50-Day Moving Average – Here’s What Happened

TPI Composites, Inc. (NASDAQ:TPIC)’s share price crossed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $4.16 and traded as low as $3.38. TPI Composites shares last traded at $3.46, with a volume of 350,306 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TPIC. Bank of America boosted their price objective on 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 price objective on TPI Composites from $8.00 to $9.00 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. Jefferies Financial Group initiated coverage on TPI Composites in a research report on Thursday, October 17th. They set a “hold” rating and a $5.00 price target for the company. Piper Sandler boosted their price target on TPI Composites from $3.50 to $3.70 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Finally, Evercore ISI upgraded TPI Composites to a “strong-buy” rating in a research report on Monday, August 12th. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $5.08.

TPI Composites Price Performance

The stock has a 50 day simple moving average of $4.16 and a two-hundred day simple moving average of $4.06. The company has a market cap of $163.45 million, a price-to-earnings ratio of -0.75 and a beta of 1.91.

TPI Composites (NASDAQ:TPIC) last released its quarterly earnings data on Thursday, August 8th. The industrial products company reported ($1.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.54). The business had revenue of $309.82 million during the quarter, compared to the consensus estimate of $313.76 million. As a group, research analysts forecast that TPI Composites, Inc. will post -2.85 EPS for the current year.

Hedge Funds Weigh In On TPI Composites

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TPIC. Los Angeles Capital Management LLC acquired a new position in TPI Composites during the first quarter worth $147,000. Perigon Wealth Management LLC acquired a new position in shares of TPI Composites in the 1st quarter valued at $36,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of TPI Composites in the 1st quarter valued at $77,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of TPI Composites in the 1st quarter valued at $312,000. Finally, State Board of Administration of Florida Retirement System lifted its stake in shares of 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 purchasing an additional 5,930 shares during the last quarter. Institutional investors and hedge funds 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.