Signaturefd LLC Buys 602 Shares of Daqo New Energy Corp. (NYSE:DQ)

Signaturefd LLC grew its stake in Daqo New Energy Corp. (NYSE:DQ) by 27.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,809 shares of the semiconductor company’s stock after purchasing an additional 602 shares during the quarter. Signaturefd LLC’s holdings in Daqo New Energy were worth $57,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. BNP Paribas Financial Markets raised its holdings 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 valued at $19,617,000 after acquiring an additional 409,057 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Daqo New Energy in the first quarter valued at approximately $3,457,000. Jupiter Asset Management Ltd. bought a new position in shares of Daqo New Energy during the first quarter worth approximately $9,647,000. Sylebra Capital LLC lifted its holdings in Daqo New Energy by 103.9% during the 2nd quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock worth $13,778,000 after purchasing an additional 480,980 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in Daqo New Energy by 112.3% in the 2nd quarter. Marshall Wace LLP now owns 322,635 shares of the semiconductor company’s stock valued at $4,710,000 after purchasing an additional 170,660 shares during the period. Institutional investors and hedge funds own 47.22% of the company’s stock.

Wall Street Analyst Weigh In

DQ has been the topic of several recent research reports. StockNews.com upgraded Daqo New Energy to a “sell” rating in a research report on Monday, September 23rd. Roth Mkm cut their price objective on shares of Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, August 28th. The Goldman Sachs Group started coverage on shares of Daqo New Energy in a report on Thursday, July 11th. They set a “buy” rating on the stock. Jefferies Financial Group cut their price target on 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. Finally, Daiwa Capital Markets restated a “hold” rating and set a $25.00 price objective (up previously from $18.00) on shares of Daqo New Energy in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Daqo New Energy has a consensus rating of “Moderate Buy” and an average target price of $22.26.

Daqo New Energy Stock Performance

Shares of DQ stock opened at $22.49 on Wednesday. Daqo New Energy Corp. has a fifty-two week low of $13.62 and a fifty-two week high of $30.85. The stock’s fifty day moving average price is $18.29 and its two-hundred day moving average price is $18.45. The company has a market cap of $1.48 billion, a PE ratio of 10.56 and a beta of 0.32.

Daqo New Energy (NYSE:DQ) last released its quarterly earnings data on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($1.25). The business had revenue of $219.91 million during the quarter, compared to analyst estimates of $406.50 million. Daqo New Energy had a negative net margin of 4.11% and a negative return on equity of 1.04%. During the same period last year, the business earned $1.34 earnings per share. On average, equities analysts predict that Daqo New Energy Corp. will post -3.35 EPS for the current fiscal year.

Daqo New Energy declared that its board has initiated a share buyback program on Monday, July 22nd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 8.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

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.