Daqo New Energy (NYSE:DQ) Upgraded at Daiwa America

Daiwa America upgraded shares of Daqo New Energy (NYSE:DQ) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

A number of other research analysts have also weighed in on DQ. Hsbc Global Res upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. StockNews.com raised Daqo New Energy to a “sell” rating in a research note on Monday, September 23rd. The Goldman Sachs Group assumed coverage on Daqo New Energy in a research note on Thursday, July 11th. They issued a “buy” rating for the company. Nomura Securities raised Daqo New Energy to a “strong-buy” rating in a research note on Wednesday, August 28th. Finally, Roth Mkm cut 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Daqo New Energy has a consensus rating of “Buy” and a consensus price target of $22.26.

Daqo New Energy Price Performance

Shares of NYSE:DQ opened at $23.47 on Wednesday. Daqo New Energy has a 1 year low of $13.62 and a 1 year high of $30.85. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of -12.69 and a beta of 0.32. The business’s 50 day moving average price is $18.74 and its 200-day moving average price is $18.50.

Daqo New Energy (NYSE:DQ) last announced its quarterly earnings data on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($1.25). The firm had revenue of $219.91 million during the quarter, compared to analysts’ expectations of $406.50 million. Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.89%. During the same quarter in the previous year, the business posted $1.34 EPS. On average, sell-side analysts expect that Daqo New Energy will post -3.46 earnings per share for the current year.

Daqo New Energy announced that its Board of Directors has initiated a share repurchase program on Monday, July 22nd that allows the company to buyback $100.00 million in shares. This buyback authorization allows the semiconductor company to purchase up to 8.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Daqo New Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Signaturefd LLC increased its position in shares of Daqo New Energy by 27.3% during the 3rd quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company’s stock worth $57,000 after purchasing an additional 602 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Daqo New Energy by 4.3% during the 3rd quarter. Van ECK Associates Corp now owns 18,657 shares of the semiconductor company’s stock worth $415,000 after purchasing an additional 764 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Daqo New Energy by 117.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company’s stock valued at $42,000 after acquiring an additional 858 shares in the last quarter. Rhumbline Advisers grew its position in Daqo New Energy by 22.2% in the 2nd quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock valued at $118,000 after acquiring an additional 1,470 shares in the last quarter. Finally, Shell Asset Management Co. grew its position in Daqo New Energy by 20.6% in the 1st quarter. Shell Asset Management Co. now owns 10,734 shares of the semiconductor company’s stock valued at $302,000 after acquiring an additional 1,834 shares in the last quarter. 47.22% of the stock is owned by institutional investors and hedge funds.

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.