Daqo New Energy Corp. (NYSE:DQ) Shares Acquired by Waterfront Wealth Inc.

Waterfront Wealth Inc. raised its stake in shares of Daqo New Energy Corp. (NYSE:DQ) by 11.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,893 shares of the semiconductor company’s stock after acquiring an additional 10,498 shares during the quarter. Waterfront Wealth Inc.’s holdings in Daqo New Energy were worth $1,517,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. grew its stake in Daqo New Energy by 12,187.5% in the second quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock worth $29,000 after purchasing an additional 1,950 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of 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 worth $42,000 after acquiring an additional 858 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Daqo New Energy by 39.4% in the 4th quarter. Quadrant Capital Group LLC now owns 2,348 shares of the semiconductor company’s stock valued at $62,000 after acquiring an additional 664 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Daqo New Energy by 37.9% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,442 shares of the semiconductor company’s stock valued at $211,000 after acquiring an additional 3,970 shares in the last quarter. Finally, Daiwa Securities Group Inc. bought a new position in Daqo New Energy during the first quarter worth $256,000. 47.22% of the stock is owned by institutional investors and hedge funds.

Daqo New Energy Stock Performance

Shares of DQ traded up $0.17 during mid-day trading on Friday, reaching $14.73. 652,090 shares of the company’s stock traded hands, compared to its average volume of 761,384. Daqo New Energy Corp. has a 12 month low of $13.62 and a 12 month high of $37.92. The business’s 50-day moving average price is $15.98 and its 200-day moving average price is $20.12. The stock has a market capitalization of $972.33 million, a P/E ratio of 6.92 and a beta of 0.28.

Daqo New Energy (NYSE:DQ) last issued 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 return on equity of 1.04% and a negative net margin of 4.11%. The company had revenue of $219.91 million during the quarter, compared to analyst estimates of $406.50 million. During the same period in the prior year, the company posted $1.34 earnings per share. Equities research analysts anticipate that Daqo New Energy Corp. will post -3.35 EPS for the current year.

Daqo New Energy announced that its Board of Directors has approved a stock repurchase program on Monday, July 22nd that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 8.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Roth Mkm lowered their target price on shares of Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday. StockNews.com cut shares of Daqo New Energy from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. The Goldman Sachs Group started coverage on Daqo New Energy in a research note on Thursday, July 11th. They issued a “buy” rating for the company. Jefferies Financial Group dropped their price target on Daqo New Energy from $38.40 to $34.05 and set a “buy” rating on the stock in a research report on Monday, August 26th. Finally, HSBC upgraded Daqo New Energy from a “reduce” rating to a “hold” rating and set a $15.00 price objective for the company in a research report on Tuesday, August 27th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $22.26.

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.