Daqo New Energy (NYSE:DQ) Upgraded by Hsbc Global Res to “Hold”

Hsbc Global Res upgraded shares of Daqo New Energy (NYSE:DQ) from a moderate sell rating to a hold rating in a research report released on Tuesday, Zacks.com reports.

DQ has been the topic of a number of other research reports. Roth Mkm reiterated a neutral rating and set a $23.00 target price on shares of Daqo New Energy in a report on Tuesday, April 30th. The Goldman Sachs Group started coverage on Daqo New Energy in a research report on Thursday, July 11th. They set a buy rating on the stock. StockNews.com cut Daqo New Energy from a hold rating to a sell rating in a report on Tuesday, August 13th. Jefferies Financial Group cut their price objective on shares of Daqo New Energy from $38.40 to $34.05 and set a buy rating on the stock in a report on Monday. Finally, HSBC raised shares of Daqo New Energy from a reduce rating to a hold rating and set a $15.00 price target for the company in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Daqo New Energy presently has an average rating of Hold and a consensus price target of $24.26.

Daqo New Energy Stock Up 1.1 %

Shares of Daqo New Energy stock opened at $14.85 on Tuesday. The firm has a market cap of $980.20 million, a price-to-earnings ratio of 6.97 and a beta of 0.28. Daqo New Energy has a 52-week low of $13.62 and a 52-week high of $37.92. The company’s 50-day simple moving average is $16.20 and its 200-day simple moving average is $20.23.

Daqo New Energy (NYSE:DQ) last issued its earnings results on Monday, August 26th. The semiconductor company reported ($1.81) EPS for the quarter, missing the consensus estimate of ($0.56) by ($1.25). Daqo New Energy had a return on equity of 2.46% and a net margin of 7.84%. The company had revenue of $219.91 million for the quarter, compared to analysts’ expectations of $406.50 million. During the same quarter in the previous year, the firm posted $1.34 earnings per share. Equities research analysts anticipate that Daqo New Energy will post 0.46 EPS for the current year.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. purchased a new position in Daqo New Energy in the 2nd quarter valued at about $11,080,000. Sylebra Capital LLC raised its holdings in 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 acquiring an additional 480,980 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in 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 acquiring an additional 409,057 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in Daqo New Energy during the 1st quarter valued at $9,647,000. Finally, Ariose Capital Management Ltd grew its holdings in Daqo New Energy by 23.9% during the 2nd quarter. Ariose Capital Management Ltd now owns 1,181,124 shares of the semiconductor company’s stock worth $17,244,000 after acquiring an additional 228,200 shares in the last quarter. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

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.