TPI Composites (NASDAQ:TPIC) Shares Down 25.5% Following Analyst Downgrade
TPI Composites Inc (NASDAQ:TPIC) shares dropped 25.5% during trading on Friday after Roth Capital downgraded the stock from a buy rating to a neutral rating. The stock traded as low as $15.87 and last traded at $16.12, approximately 3,915,100 shares traded hands during mid-day trading. An increase of 852% from the average daily volume of 411,065 shares. The stock had previously closed at $21.63.
Several other brokerages have also commented on TPIC. UBS Group dropped their price objective on TPI Composites from $29.00 to $27.00 and set a “buy” rating on the stock in a report on Friday, October 11th. ValuEngine downgraded TPI Composites from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. reduced their price objective on TPI Composites from $32.00 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday. BidaskClub upgraded TPI Composites from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, JMP Securities reduced their price objective on TPI Composites from $34.00 to $25.00 and set a “market outperform” rating on the stock in a research report on Tuesday, September 10th. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $26.00.
In other TPI Composites news, President William E. Siwek bought 2,823 shares of TPI Composites stock in a transaction on Monday, August 26th. The shares were bought at an average price of $17.73 per share, for a total transaction of $50,051.79. Following the completion of the transaction, the president now directly owns 67,676 shares of the company’s stock, valued at $1,199,895.48. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 20.30% of the stock is owned by insiders.
The stock has a market cap of $761.78 million, a P/E ratio of 203.25 and a beta of 1.73. The company has a current ratio of 1.27, a quick ratio of 1.25 and a debt-to-equity ratio of 1.11. The company has a 50-day moving average price of $19.40 and a two-hundred day moving average price of $22.04.
TPI Composites (NASDAQ:TPIC) last released its earnings results on Wednesday, November 6th. The industrial products company reported ($0.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.19). The company had revenue of $383.84 million for the quarter, compared to the consensus estimate of $400.60 million. TPI Composites had a negative net margin of 0.82% and a negative return on equity of 5.59%. The business’s revenue for the quarter was up 50.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 EPS. As a group, equities analysts forecast that TPI Composites Inc will post 0.03 earnings per share for the current fiscal year.
About TPI Composites (NASDAQ:TPIC)
TPI Composites, Inc manufactures and sells composite wind blades, and related precision molding and assembly systems to original equipment manufacturers. The company also provides composite solutions for the transportation industry. It operates in the United States, Asia, Mexico, Europe, the Middle East, and Africa.
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