DAQO New Energy (NYSE:DQ) Upgraded by HSBC to Buy Rating

HSBC upgraded shares of DAQO New Energy (NYSE:DQ) from a hold rating to a buy rating in a research report report published on Wednesday, Marketbeat Ratings reports. The brokerage currently has $31.00 price objective on the semiconductor company’s stock.

Several other equities analysts have also issued reports on the company. Hsbc Global Res lowered DAQO New Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 30th. Glj Research reiterated a “buy” rating and set a $30.51 price target on shares of DAQO New Energy in a report on Tuesday. Finally, Citigroup began coverage on DAQO New Energy in a research report on Friday, July 18th. They issued a “buy” rating and a $27.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $26.10.

DAQO New Energy Stock Performance

DQ stock opened at $23.04 on Wednesday. The stock’s 50 day simple moving average is $20.26 and its 200 day simple moving average is $17.71. The company has a market cap of $1.55 billion, a P/E ratio of -3.95 and a beta of 0.48. DAQO New Energy has a fifty-two week low of $12.40 and a fifty-two week high of $30.85.

DAQO New Energy (NYSE:DQ) last released its quarterly earnings data on Tuesday, August 26th. The semiconductor company reported ($1.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.16) by $0.02. DAQO New Energy had a negative net margin of 65.64% and a negative return on equity of 6.49%. The firm had revenue of $75.19 million for the quarter, compared to analyst estimates of $140.54 million. Equities analysts predict that DAQO New Energy will post -3.5 earnings per share for the current year.

DAQO New Energy announced that its Board of Directors has initiated a share repurchase program on Tuesday, August 26th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the semiconductor company to purchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Trading of DAQO New Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Headlands Technologies LLC purchased a new position in shares of DAQO New Energy during the 2nd quarter valued at $29,000. Caitong International Asset Management Co. Ltd raised its position in shares of DAQO New Energy by 86,700.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company’s stock worth $31,000 after buying an additional 1,734 shares in the last quarter. Virtu Financial LLC bought a new stake in DAQO New Energy during the first quarter valued at $187,000. Vident Advisory LLC purchased a new position in DAQO New Energy during the first quarter worth about $216,000. Finally, Harvest Portfolios Group Inc. purchased a new position in DAQO New Energy during the first quarter worth about $305,000. Institutional investors own 47.22% of the company’s stock.

DAQO New Energy Company Profile

Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufacturers in the People's Republic of China. Its products are used in ingots, wafers, cells, and modules for solar power solutions. The company was formerly known as Mega Stand International Limited and changed its name to Daqo New Energy Corp.