Insider Buying: TPI Composites, Inc. (NASDAQ:TPIC) CEO Purchases 10,000 Shares of Stock

TPI Composites, Inc. (NASDAQ:TPIC) CEO William E. Siwek purchased 10,000 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was acquired at an average cost of $2.19 per share, for a total transaction of $21,900.00. Following the completion of the transaction, the chief executive officer now owns 218,347 shares in the company, valued at approximately $478,179.93. This trade represents a 4.80 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link.

TPI Composites Trading Down 8.8 %

NASDAQ:TPIC opened at $2.17 on Friday. TPI Composites, Inc. has a 1-year low of $1.90 and a 1-year high of $5.75. The firm has a market capitalization of $103.21 million, a price-to-earnings ratio of -0.58 and a beta of 1.93. The business’s 50-day moving average price is $3.88 and its two-hundred day moving average price is $4.10.

Institutional Trading of TPI Composites

A number of hedge funds have recently modified their holdings of TPIC. SG Americas Securities LLC bought a new position in shares of TPI Composites during the second quarter worth $44,000. Quantinno Capital Management LP bought a new position in TPI Composites during the third quarter worth about $57,000. Intech Investment Management LLC acquired a new stake in shares of TPI Composites during the third quarter worth about $65,000. State Board of Administration of Florida Retirement System lifted its holdings in shares of TPI Composites by 55.2% during 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 in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of TPI Composites in the 3rd quarter valued at approximately $88,000. 75.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TPIC. Piper Sandler upped their price objective on TPI Composites from $3.50 to $3.70 and gave the company a “neutral” rating in a research note on Monday, August 12th. Bank of America lowered 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. Morgan Stanley reaffirmed an “underweight” rating and issued a $2.00 target price (down from $4.00) on shares of TPI Composites in a research note on Friday. Evercore ISI raised shares of TPI Composites to a “strong-buy” rating in a report on Monday, August 12th. Finally, Jefferies Financial Group started coverage on TPI Composites in a research note on Thursday, October 17th. They issued a “hold” rating and a $5.00 target price for the company. One analyst has rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $4.58.

TPI Composites Company Profile

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.