DAQO New Energy Corp. (NYSE:DQ) Receives $25.99 Consensus Target Price from Analysts

DAQO New Energy Corp. (NYSE:DQ) has been assigned an average rating of “Moderate Buy” from the eight ratings firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $25.8443.

Several equities analysts have recently weighed in on DQ shares. The Goldman Sachs Group downgraded DAQO New Energy from a “neutral” rating to a “sell” rating in a research report on Thursday. Roth Capital restated a “neutral” rating and issued a $25.00 target price on shares of DAQO New Energy in a research report on Thursday. HSBC upgraded 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. New Street Research set a $15.40 target price on DAQO New Energy in a research report on Thursday. Finally, Wall Street Zen upgraded DAQO New Energy from a “sell” rating to a “hold” rating in a research report on Monday, September 15th.

DAQO New Energy Stock Up 4.8%

DAQO New Energy stock opened at $27.23 on Friday. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of -4.66 and a beta of 0.50. DAQO New Energy has a 52 week low of $12.40 and a 52 week high of $30.85. The business’s 50-day moving average price is $23.64 and its 200 day moving average price is $18.32.

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

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

Hedge Funds Weigh In On DAQO New Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. Headlands Technologies LLC acquired a new stake in DAQO New Energy during the second quarter worth $29,000. Caitong International Asset Management Co. Ltd increased its stake in DAQO New Energy by 86,700.0% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 1,734 shares during the last quarter. Virtu Financial LLC acquired a new stake in DAQO New Energy during the first quarter worth $187,000. Vident Advisory LLC acquired a new stake in DAQO New Energy during the first quarter worth $216,000. Finally, Harvest Portfolios Group Inc. acquired a new stake in DAQO New Energy during the first quarter worth $305,000. Hedge funds and other institutional investors own 47.22% of the company’s stock.

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.