Daqo New Energy (NYSE:DQ) Rating Increased to Outperform at Daiwa Capital Markets

Daiwa Capital Markets upgraded shares of Daqo New Energy (NYSE:DQ) from a neutral rating to an outperform rating in a research report report published on Wednesday morning, MarketBeat.com reports.

Other analysts have also recently issued reports about the company. HSBC raised Daqo New Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group dropped their target price on Daqo New Energy from $38.40 to $34.05 and set a “buy” rating on the stock in a report on Monday, August 26th. Roth Mkm cut their target price on Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 28th. Daiwa America raised Daqo New Energy to a “hold” rating in a research report on Wednesday, October 9th. Finally, Hsbc Global Res upgraded shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $22.26.

Daqo New Energy Stock Up 3.9 %

NYSE:DQ opened at $23.47 on Wednesday. The firm’s fifty day simple moving average is $18.74 and its 200 day simple moving average is $18.50. The stock has a market cap of $1.55 billion, a P/E ratio of -12.69 and a beta of 0.32. Daqo New Energy has a twelve month low of $13.62 and a twelve month high of $30.85.

Daqo New Energy (NYSE:DQ) last announced its 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 9.16% and a negative return on equity of 1.89%. The company had revenue of $219.91 million for the quarter, compared to the consensus estimate of $406.50 million. During the same period in the previous year, the firm posted $1.34 EPS. On average, analysts expect that Daqo New Energy will post -3.46 EPS for the current fiscal year.

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

Hedge Funds Weigh In On Daqo New Energy

A number of hedge funds have recently bought and sold shares of DQ. Signaturefd LLC raised its holdings in shares of Daqo New Energy by 27.3% during the third quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company’s stock valued at $57,000 after purchasing an additional 602 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Daqo New Energy by 4.3% in the 3rd quarter. Van ECK Associates Corp now owns 18,657 shares of the semiconductor company’s stock worth $415,000 after buying an additional 764 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Daqo New Energy by 117.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 858 shares during the period. Rhumbline Advisers grew its holdings in shares of Daqo New Energy by 22.2% in the second quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock worth $118,000 after acquiring an additional 1,470 shares during the period. Finally, Shell Asset Management Co. lifted its holdings in Daqo New Energy by 20.6% in the first 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 during the period. Hedge funds and other institutional investors own 47.22% of the company’s stock.

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.