Morgan Stanley Reaffirms Underweight Rating for TPI Composites (NASDAQ:TPIC)

TPI Composites (NASDAQ:TPIC)‘s stock had its “underweight” rating reiterated by analysts at Morgan Stanley in a research report issued to clients and investors on Friday, Marketbeat reports. They currently have a $2.00 price objective on the industrial products company’s stock, down from their prior price objective of $4.00. Morgan Stanley’s price target indicates a potential downside of 7.83% from the company’s current price.

A number of other brokerages also recently issued reports on TPIC. Bank of America cut their target price on TPI Composites from $7.00 to $4.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Jefferies Financial Group started coverage on shares of TPI Composites in a report on Thursday, October 17th. They issued a “hold” rating and a $5.00 target price on the stock. Evercore ISI upgraded shares of TPI Composites to a “strong-buy” rating in a report on Monday, August 12th. Finally, Piper Sandler upped their price objective on TPI Composites from $3.50 to $3.70 and gave the company a “neutral” rating in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $4.58.

TPI Composites Stock Performance

TPIC stock opened at $2.17 on Friday. TPI Composites has a 1 year low of $1.90 and a 1 year high of $5.75. The business has a 50 day simple moving average of $3.85 and a 200-day simple moving average of $4.10.

Hedge Funds Weigh In On TPI Composites

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of TPI Composites by 3.3% in the first quarter. Vanguard Group Inc. now owns 2,286,597 shares of the industrial products company’s stock valued at $6,654,000 after purchasing an additional 72,056 shares during the period. Erste Asset Management GmbH purchased a new position in TPI Composites in the 3rd quarter valued at approximately $7,854,000. Brightline Capital Management LLC grew its stake in shares of TPI Composites by 14.3% in the third 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 in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of TPI Composites during the second quarter worth $1,421,000. Finally, King Luther Capital Management Corp acquired a new stake in shares of TPI Composites in the second quarter valued at $1,365,000. 75.24% of the stock is owned by institutional investors and hedge funds.

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.