Hsbc Global Res Upgrades DAQO New Energy (NYSE:DQ) to “Strong-Buy”

DAQO New Energy (NYSE:DQ) was upgraded by equities researchers at Hsbc Global Res from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other research analysts have also weighed in on the company. Citigroup initiated coverage on DAQO New Energy in a report on Friday, July 18th. They set a “buy” rating and a $27.00 price objective on the stock. HSBC raised DAQO New Energy from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Wednesday. Finally, Glj Research reaffirmed a “buy” rating and set a $30.51 price objective on shares of DAQO New Energy in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, DAQO New Energy has an average rating of “Buy” and an average target price of $26.10.

DAQO New Energy Trading Down 0.7%

NYSE:DQ opened at $22.87 on Wednesday. The firm has a market cap of $1.53 billion, a P/E ratio of -3.92 and a beta of 0.48. The stock’s 50 day simple moving average is $20.44 and its 200-day simple moving average is $17.71. DAQO New Energy has a 12-month low of $12.40 and a 12-month high of $30.85.

DAQO New Energy (NYSE:DQ) last released its earnings results on Tuesday, August 26th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.16) by $0.02. DAQO New Energy had a negative return on equity of 6.54% and a negative net margin of 65.64%.The business had revenue of $75.19 million for the quarter, compared to analyst estimates of $140.54 million. Research analysts forecast that DAQO New Energy will post -3.5 EPS for the current fiscal year.

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

Institutional Trading of DAQO New Energy

A number of institutional investors have recently bought and sold shares of DQ. Goldman Sachs Group Inc. boosted its position in DAQO New Energy by 117.2% during the first quarter. Goldman Sachs Group Inc. now owns 1,159,835 shares of the semiconductor company’s stock worth $21,005,000 after purchasing an additional 625,900 shares in the last quarter. SG Americas Securities LLC purchased a new stake in DAQO New Energy during the first quarter worth $9,372,000. Hsbc Holdings PLC boosted its position in DAQO New Energy by 514.3% during the first quarter. Hsbc Holdings PLC now owns 501,145 shares of the semiconductor company’s stock worth $9,026,000 after purchasing an additional 419,569 shares in the last quarter. Point72 Asset Management L.P. boosted its position in DAQO New Energy by 67.5% during the fourth quarter. Point72 Asset Management L.P. now owns 886,655 shares of the semiconductor company’s stock worth $17,237,000 after purchasing an additional 357,460 shares in the last quarter. Finally, Millennium Management LLC boosted its position in DAQO New Energy by 1,261.0% during the first quarter. Millennium Management LLC now owns 354,596 shares of the semiconductor company’s stock worth $6,422,000 after purchasing an additional 328,541 shares in the last quarter. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

About DAQO New Energy

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.