DAQO New Energy (NYSE:DQ) Upgraded at Wall Street Zen

DAQO New Energy (NYSE:DQ) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Monday.

Several other research analysts have also weighed in on DQ. HSBC raised DAQO New Energy from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research report on Wednesday, August 27th. Citigroup upped their target price on DAQO New Energy from $27.00 to $37.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Hsbc Global Res raised DAQO New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 27th. Finally, Glj Research reissued a “buy” rating and set a $30.51 price objective on shares of DAQO New Energy in a report on Tuesday, August 26th. Two investment 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $28.10.

DAQO New Energy Trading Down 0.5%

NYSE:DQ opened at $25.74 on Monday. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -4.41 and a beta of 0.50. DAQO New Energy has a 1-year low of $12.40 and a 1-year high of $30.85. The business’s fifty day moving average price is $22.86 and its 200 day moving average price is $18.06.

DAQO New Energy (NYSE:DQ) last posted its quarterly earnings results on Tuesday, August 26th. The semiconductor company reported ($1.14) earnings per share for the quarter, beating the consensus estimate 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. Equities analysts forecast that DAQO New Energy will post -3.5 earnings per share for the current year.

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

Institutional Trading of DAQO New Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC grew its holdings in DAQO New Energy by 34.0% in the 2nd quarter. Squarepoint Ops LLC now owns 51,516 shares of the semiconductor company’s stock valued at $781,000 after buying an additional 13,072 shares during the last quarter. Marex Group plc acquired a new stake in DAQO New Energy in the 2nd quarter valued at approximately $356,000. Headlands Technologies LLC acquired a new stake in DAQO New Energy in the 2nd quarter valued at approximately $29,000. Scoggin Management LP acquired a new stake in DAQO New Energy in the 2nd quarter valued at approximately $1,517,000. Finally, BNP Paribas Financial Markets grew its holdings in DAQO New Energy by 137.6% in the 2nd quarter. BNP Paribas Financial Markets now owns 401,919 shares of the semiconductor company’s stock valued at $6,097,000 after buying an additional 232,759 shares during the last quarter. Institutional investors and hedge funds 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.