Canaccord Genuity Reiterates “Buy” Rating for TPI Composites Inc (TPIC)
TPI Composites Inc (NASDAQ:TPIC)‘s stock had its “buy” rating reissued by investment analysts at Canaccord Genuity in a research note issued on Monday.
The analysts wrote, “We continue to believe that ExOne gives investors a very compelling way to play the additive manufacturing space, and we think that shares are at quite attractive levels following the 4Q16 earnings report on March 16. The company has a significant opportunity within the industrial production space, and we think that global adoption of ExOne’s technologies is poised to expand. Moreover, we estimate that the company has a dominant market share within the sand binder jetting market, so the competitive threats do not appear that significant. As volumes rise —and we think they will—the company should have opportunity for expanded margins and eventually positive EBITDA. That could be a key catalyst for shares, as full-year adjusted EBITDA have been negative since the company became public.””
TPIC has been the subject of several other reports. Zacks Investment Research upgraded TPI Composites from a “sell” rating to a “hold” rating in a report on Wednesday, January 18th. Roth Capital started coverage on TPI Composites in a research note on Tuesday, January 17th. They set a “buy” rating and a $23.00 price objective for the company. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $21.83.
TPI Composites (NASDAQ:TPIC) traded down 2.36% during midday trading on Monday, reaching $16.99. The company had a trading volume of 46,202 shares. TPI Composites has a 1-year low of $11.31 and a 1-year high of $23.30. The company has a market capitalization of $557.26 million and a P/E ratio of 8.73. The firm has a 50-day moving average of $18.31 and a 200 day moving average of $17.53.
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A number of large investors have recently added to or reduced their stakes in TPIC. Tower Research Capital LLC TRC purchased a new position in shares of TPI Composites during the third quarter worth $169,000. DekaBank Deutsche Girozentrale purchased a new position in shares of TPI Composites during the third quarter worth $210,000. Monashee Investment Management LLC purchased a new position in shares of TPI Composites during the third quarter worth $282,000. Integre Asset Management LLC purchased a new position in shares of TPI Composites during the fourth quarter worth $291,000. Finally, State Street Corp raised its position in shares of TPI Composites by 33.4% in the fourth quarter. State Street Corp now owns 72,596 shares of the company’s stock worth $1,163,000 after buying an additional 18,161 shares in the last quarter. Institutional investors own 23.80% of the company’s stock.
About TPI Composites
TPI Composites, Inc manufactures composite wind blades. The Company operates through four segments. The United States segment includes the manufacturing of wind blades at its Newton, Iowa plant; the manufacturing of precision molding and assembly systems used for the manufacture of wind blades in its Warren, Rhode Island facility, and the manufacturing of composite solutions for the transportation industry, which it also conducts in its Rhode Island and Massachusetts facilities.
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