Charles Schwab Investment Management Inc. Raises Stock Position in DAQO New Energy Corp. $DQ

Charles Schwab Investment Management Inc. grew its stake in shares of DAQO New Energy Corp. (NYSE:DQ) by 227.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 162,085 shares of the semiconductor company’s stock after acquiring an additional 112,562 shares during the period. Charles Schwab Investment Management Inc. owned about 0.25% of DAQO New Energy worth $2,935,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC purchased a new stake in shares of DAQO New Energy in the 1st quarter worth approximately $9,372,000. Point72 Asset Management L.P. raised its stake in DAQO New Energy by 67.5% in the fourth 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 in the last quarter. Point72 Europe London LLP purchased a new stake in DAQO New Energy during the fourth quarter worth $3,742,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in DAQO New Energy during the fourth quarter worth $3,732,000. Finally, Point72 Hong Kong Ltd bought a new stake in DAQO New Energy during the 4th quarter valued at $3,287,000. Institutional investors own 47.22% of the company’s stock.

Analyst Ratings Changes

DQ has been the subject of several recent research reports. Hsbc Global Res raised DAQO New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Glj Research reiterated a “buy” rating and issued a $30.51 target price on shares of DAQO New Energy in a report on Tuesday, August 26th. Wall Street Zen raised shares of DAQO New Energy from a “strong sell” rating to a “hold” rating in a research report on Saturday. HSBC raised shares of DAQO New Energy from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research report on Wednesday. Finally, Citigroup began coverage on shares of DAQO New Energy in a research report on Friday, July 18th. They set a “buy” rating and a $27.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $26.10.

DAQO New Energy Stock Performance

Shares of DQ stock opened at $25.59 on Friday. DAQO New Energy Corp. has a fifty-two week low of $12.40 and a fifty-two week high of $30.85. The firm has a market capitalization of $1.72 billion, a PE ratio of -4.38 and a beta of 0.48. The stock’s 50-day simple moving average is $20.67 and its 200-day simple moving average is $17.72.

DAQO New Energy (NYSE:DQ) last issued its earnings results on Tuesday, August 26th. The semiconductor company reported ($1.14) 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 firm had revenue of $75.19 million for the quarter, compared to analyst estimates of $140.54 million. Sell-side analysts forecast that DAQO New Energy Corp. will post -3.5 earnings per share for the current year.

DAQO New Energy announced that its board has approved a stock repurchase plan on Tuesday, August 26th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the semiconductor company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

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.