Daqo New Energy Corp. (NYSE:DQ) Receives Average Recommendation of “Hold” from Brokerages

Shares of Daqo New Energy Corp. (NYSE:DQ) have been given an average rating of “Hold” by the seven research firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $22.26.

Several equities analysts have recently issued reports on DQ shares. HSBC upgraded Daqo New Energy from a “reduce” rating to a “hold” rating and set a $15.00 target price for the company in a research report on Tuesday, August 27th. Hsbc Global Res upgraded Daqo New Energy from a “moderate sell” rating to a “hold” rating in a report on Tuesday, August 27th. StockNews.com upgraded shares of Daqo New Energy to a “sell” rating in a research note on Monday. Nomura Securities raised Daqo New Energy to a “strong-buy” rating in a research report on Wednesday, August 28th. Finally, Jefferies Financial Group reduced their target price on shares of Daqo New Energy from $38.40 to $34.05 and set a “buy” rating for the company in a report on Monday, August 26th.

Institutional Trading of Daqo New Energy

Several institutional investors and hedge funds have recently modified their holdings of the business. Franklin Resources Inc. grew its holdings in Daqo New Energy by 2.0% during the 4th quarter. Franklin Resources Inc. now owns 2,728,399 shares of the semiconductor company’s stock worth $72,575,000 after acquiring an additional 53,860 shares during the last quarter. Mackenzie Financial Corp raised its stake in Daqo New Energy by 6.4% during the 2nd quarter. Mackenzie Financial Corp now owns 2,496,997 shares of the semiconductor company’s stock worth $36,456,000 after buying an additional 149,610 shares during the period. Ariose Capital Management Ltd grew its position in Daqo New Energy by 23.9% in the 2nd 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. Sylebra Capital LLC grew its holdings in shares of Daqo New Energy by 103.9% during the second quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock valued at $13,778,000 after buying an additional 480,980 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Daqo New Energy during the 2nd quarter valued at about $11,080,000. 47.22% of the stock is currently owned by institutional investors.

Daqo New Energy Stock Up 7.6 %

Shares of NYSE DQ opened at $17.57 on Friday. Daqo New Energy has a 12-month low of $13.62 and a 12-month high of $31.19. The firm’s 50-day simple moving average is $15.97 and its 200 day simple moving average is $19.47. The company has a market cap of $1.16 billion, a price-to-earnings ratio of 8.25 and a beta of 0.30.

Daqo New Energy (NYSE:DQ) last issued its earnings results on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share (EPS) 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 the consensus estimate 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 posted $1.34 EPS. On average, equities analysts expect that Daqo New Energy will post -3.35 earnings per share for the current year.

Daqo New Energy declared that its Board of Directors has approved a stock repurchase plan on Monday, July 22nd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the semiconductor company to purchase up to 8.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management 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.