Vanguard Group Inc. Increases Stock Position in DAQO New Energy Corp. $DQ

Vanguard Group Inc. lifted its holdings in shares of DAQO New Energy Corp. (NYSE:DQ) by 1.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,745,544 shares of the semiconductor company’s stock after purchasing an additional 26,359 shares during the quarter. Vanguard Group Inc. owned about 2.64% of DAQO New Energy worth $31,612,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in DQ. SG Americas Securities LLC purchased a new position in shares of DAQO New Energy during the first quarter worth approximately $9,372,000. Point72 Asset Management L.P. raised its stake in shares of DAQO New Energy by 67.5% during the 4th quarter. Point72 Asset Management L.P. now owns 886,655 shares of the semiconductor company’s stock worth $17,237,000 after buying an additional 357,460 shares during the last quarter. Point72 Europe London LLP acquired a new position in shares of DAQO New Energy during the 4th quarter worth $3,742,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in DAQO New Energy in the 4th quarter valued at about $3,732,000. Finally, Point72 Hong Kong Ltd acquired a new position in DAQO New Energy in the 4th quarter valued at about $3,287,000. Institutional investors and hedge funds own 47.22% of the company’s stock.

DAQO New Energy Price Performance

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

DAQO New Energy (NYSE:DQ) last announced its earnings results on Tuesday, August 26th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.16) by $0.02. DAQO New Energy had a negative return on equity of 6.49% and a negative net margin of 65.64%.The firm had revenue of $75.19 million during the quarter, compared to analysts’ expectations of $140.54 million. As a group, research analysts expect that DAQO New Energy Corp. will post -3.5 EPS for the current year.

DAQO New Energy declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, August 26th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

DQ has been the subject of several recent analyst reports. Glj Research restated a “buy” rating and issued a $30.51 price target on shares of DAQO New Energy in a report on Tuesday. HSBC upgraded DAQO New Energy from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Wednesday. Citigroup began coverage on DAQO New Energy in a research report on Friday, July 18th. They set a “buy” rating and a $27.00 price target on the stock. Finally, Hsbc Global Res lowered DAQO New Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 30th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $26.10.

DAQO New Energy 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.