Market Analysts see TPI Composites Inc. [TPIC] gaining to $14. Time to buy?

TPI Composites Inc. [NASDAQ: TPIC] traded at a low on 02/28/23, posting a -19.78 loss after which it closed the day’ session at $11.56. The company report on February 28, 2023 that TPI Composites Prices Upsized $115 Million Convertible Senior Notes Offering.

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The notes will be senior, unsecured obligations of TPI and will accrue interest at a rate of 5.25% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2023. The notes will mature on March 15, 2028, unless earlier converted, redeemed or repurchased. Before September 15, 2027, noteholders will have the right to convert their notes in certain circumstances and during specified periods. From and after September 15, 2027, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. TPI will settle conversions by paying or delivering, as applicable, cash, shares of its common stock, par value $0.01 per share (“common stock”), or a combination of cash and shares of its common stock, at TPI’s election. The initial conversion rate is 66.5425 shares of common stock per $1,000 principal amount of the notes, which represents an initial conversion price of approximately $15.03 per share of TPI’s common stock. The initial conversion price represents a premium of approximately 30% above the last reported sale price of TPI’s common stock on The Nasdaq Global Market on February 28, 2023, which was $11.56 per share.

The results of the trading session contributed to over 5460805 shares changing hands. Over the past one week, the price volatility of TPI Composites Inc. stands at 7.09% while the volatility over the past one month is 6.46%.

The market cap for TPIC stock reached $489.45 million, with 41.99 million shares outstanding and 40.67 million shares in the current float. Compared to the average trading volume of 606.32K shares, TPIC reached a trading volume of 5460805 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about TPI Composites Inc. [TPIC]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for TPIC shares is $16.54 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on TPIC stock is a recommendation set at 2.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

BofA Securities have made an estimate for TPI Composites Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on February 23, 2023. The new note on the price target was released on November 04, 2022, representing the official price target for TPI Composites Inc. stock. Previously, the target price had yet another raise from $21 to $28, while Raymond James kept a Outperform rating on TPIC stock.

The Average True Range (ATR) for TPI Composites Inc. is set at 1.04, with the Price to Sales ratio for TPIC stock in the period of the last 12 months amounting to 0.32. The Price to Book ratio for the last quarter was 9.63, with the Price to Cash per share for the same quarter was set at 3.15.

How has TPIC stock performed recently?

TPI Composites Inc. [TPIC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.02. With this latest performance, TPIC shares dropped by -16.59% in over the last four-week period, additionally sinking by -40.81% over the last 6 months – not to mention a rise of 1.58% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for TPIC stock in for the last two-week period is set at 42.01, with the RSI for the last a single of trading hit 38.23, and the three-weeks RSI is set at 44.74 for TPI Composites Inc. [TPIC]. The present Moving Average for the last 50 days of trading for this stock 12.33, while it was recorded at 13.19 for the last single week of trading, and 13.19 for the last 200 days.

TPI Composites Inc. [TPIC]: Deeper insight into the fundamentals

TPI Composites Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.40 and a Current Ratio set at 1.40.

Insider trade positions for TPI Composites Inc. [TPIC]

There are presently around $375 million, or 93.20% of TPIC stock, in the hands of institutional investors. The top three institutional holders of TPIC stocks are: BLACKROCK INC. with ownership of 4,243,479, which is approximately -7.12% of the company’s market cap and around 2.43% of the total institutional ownership; STATE STREET CORP, holding 2,066,487 shares of the stock with an approximate value of $23.89 million in TPIC stocks shares; and VANGUARD GROUP INC, currently with $22.08 million in TPIC stock with ownership of nearly -0.695% of the company’s market capitalization.

101 institutional holders increased their position in TPI Composites Inc. [NASDAQ:TPIC] by around 4,578,641 shares. Additionally, 106 investors decreased positions by around 6,120,781 shares, while 32 investors held positions by with 21,772,919 shares. The mentioned changes placed institutional holdings at 32,472,341 shares, according to the latest SEC report filing. TPIC stock had 36 new institutional investments in for a total of 820,973 shares, while 43 institutional investors sold positions of 3,278,225 shares during the same period.


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