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TPI Composites (TPIC) Stock Jumps 19.4%: Will It Continue to Soar?

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TPI Composites (TPIC - Free Report) shares rallied 19.4% in the last trading session to close at $14.47. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 3.7% gain over the past four weeks.

U.S Senator Joe Manchin and Chuck Schumer announced a landmark climate deal that includes $369 billion to combat climate change and advance clean energy programs. If approved by Congress, this deal would introduce production tax credits for makers of solar and wind equipment, battery producers, and critical mineral processors. The share price of TPI Composite has surged on this development.

This maker of composite wind blades is expected to post quarterly loss of $0.30 per share in its upcoming report, which represents a year-over-year change of +62.5%. Revenues are expected to be $434.35 million, down 5.3% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For TPI Composites, the consensus EPS estimate for the quarter has been revised 9.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on TPIC going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

TPI Composites belongs to the Zacks Industrial Services industry. Another stock from the same industry, SiteOne Landscape (SITE - Free Report) , closed the last trading session 5.9% higher at $134.85. Over the past month, SITE has returned 8.6%.

For SiteOne Landscape, the consensus EPS estimate for the upcoming report has changed +1.3% over the past month to $3. This represents a change of +11.1% from what the company reported a year ago. SiteOne Landscape currently has a Zacks Rank of #3 (Hold).


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