Daqo New Energy (NYSE:DQ) Upgraded at StockNews.com

StockNews.com upgraded shares of Daqo New Energy (NYSE:DQ) to a sell rating in a report published on Thursday morning.

Several other equities analysts have also recently issued reports on DQ. HSBC raised Daqo New Energy from a reduce rating to a hold rating and set a $15.00 price objective for the company in a report on Tuesday, August 27th. The Goldman Sachs Group assumed coverage on Daqo New Energy in a report on Thursday, July 11th. They set a buy rating for the company. Nomura Securities raised Daqo New Energy to a strong-buy rating in a report on Wednesday, August 28th. Roth Mkm reduced their price objective on Daqo New Energy from $23.00 to $15.00 and set a neutral rating for the company in a report on Wednesday, August 28th. Finally, Jefferies Financial Group reduced their price objective on Daqo New Energy from $38.40 to $34.05 and set a buy rating for the company in a report on Monday, August 26th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $22.26.

Daqo New Energy Price Performance

Daqo New Energy stock opened at $15.19 on Thursday. Daqo New Energy has a 1-year low of $13.62 and a 1-year high of $35.38. The company has a market cap of $1.00 billion, a PE ratio of 7.13 and a beta of 0.30. The stock’s 50 day moving average price is $15.92 and its 200 day moving average price is $19.96.

Daqo New Energy (NYSE:DQ) last posted its quarterly earnings results 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). Daqo New Energy had a negative net margin of 4.11% and a negative return on equity of 1.04%. The business had revenue of $219.91 million during the quarter, compared to analysts’ expectations of $406.50 million. During the same quarter last year, the firm earned $1.34 earnings per share. On average, equities research analysts anticipate that Daqo New Energy will post -3.35 EPS for the current fiscal year.

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

Hedge Funds Weigh In On Daqo New Energy

A number of institutional investors have recently made changes to their positions in DQ. Point72 Asset Management L.P. acquired a new position in shares of Daqo New Energy in the second quarter worth $11,080,000. Sylebra Capital LLC grew its position in shares of Daqo New Energy by 103.9% in the second quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock valued at $13,778,000 after purchasing an additional 480,980 shares during the period. BNP Paribas Financial Markets grew its position in shares of Daqo New Energy by 142.1% in the first quarter. BNP Paribas Financial Markets now owns 696,865 shares of the semiconductor company’s stock valued at $19,617,000 after purchasing an additional 409,057 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in shares of Daqo New Energy in the first quarter valued at $9,647,000. Finally, Ariose Capital Management Ltd grew its position in shares of 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 valued at $17,244,000 after purchasing an additional 228,200 shares during the period. 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.