Point72 Asset Management L.P. Invests $11.08 Million in Daqo New Energy Corp. (NYSE:DQ)

Point72 Asset Management L.P. acquired a new stake in shares of Daqo New Energy Corp. (NYSE:DQ) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 758,936 shares of the semiconductor company’s stock, valued at approximately $11,080,000. Point72 Asset Management L.P. owned approximately 1.15% of Daqo New Energy at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of DQ. Sylebra Capital LLC boosted its position in shares of Daqo New Energy by 103.9% during the 2nd quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock valued at $13,778,000 after acquiring an additional 480,980 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Daqo New Energy by 142.1% in the 1st quarter. BNP Paribas Financial Markets now owns 696,865 shares of the semiconductor company’s stock worth $19,617,000 after buying an additional 409,057 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in shares of Daqo New Energy in the 1st quarter worth $9,647,000. Ariose Capital Management Ltd grew its position in Daqo New Energy by 23.9% in the second quarter. Ariose Capital Management Ltd now owns 1,181,124 shares of the semiconductor company’s stock worth $17,244,000 after acquiring an additional 228,200 shares in the last quarter. Finally, Franchise Capital Ltd bought a new position in Daqo New Energy in the fourth quarter valued at $4,788,000. Institutional investors own 47.22% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on DQ. HSBC upgraded Daqo New Energy from a “reduce” rating to a “hold” rating and set a $15.00 price objective on the stock in a research report on Tuesday, August 27th. Jefferies Financial Group cut their price objective on shares of Daqo New Energy from $38.40 to $34.05 and set a “buy” rating for the company in a research note on Monday, August 26th. Nomura Securities upgraded shares of Daqo New Energy to a “strong-buy” rating in a research report on Wednesday, August 28th. Hsbc Global Res upgraded shares of Daqo New Energy from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, August 27th. Finally, Roth Mkm lowered their target price on Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, August 28th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Daqo New Energy currently has a consensus rating of “Hold” and a consensus price target of $22.26.

Daqo New Energy Stock Performance

DQ opened at $20.37 on Tuesday. The stock has a market capitalization of $1.34 billion, a PE ratio of 9.56 and a beta of 0.30. The stock’s 50 day moving average price is $16.15 and its 200-day moving average price is $19.19. Daqo New Energy Corp. has a 52-week low of $13.62 and a 52-week high of $30.09.

Daqo New Energy (NYSE:DQ) last issued its quarterly earnings data on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($1.25). Daqo New Energy had a negative net margin of 4.11% and a negative return on equity of 1.04%. The company had revenue of $219.91 million for the quarter, compared to analysts’ expectations of $406.50 million. During the same period in the previous year, the firm posted $1.34 earnings per share. Research analysts forecast that Daqo New Energy Corp. will post -3.35 EPS for the current fiscal year.

Daqo New Energy announced that its board has approved a stock repurchase program on Monday, July 22nd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the semiconductor company to buy up to 8.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is 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.