Daqo New Energy (NYSE:DQ) Upgraded 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 report released on Wednesday morning, Marketbeat Ratings reports.

Other research analysts have also recently issued research reports about the company. Roth Mkm cut their price objective on Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 28th. HSBC raised shares of Daqo New Energy from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Hsbc Global Res upgraded shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. The Goldman Sachs Group started coverage on shares of Daqo New Energy in a research report on Thursday, July 11th. They issued a “buy” rating on the stock. Finally, Nomura Securities raised shares of Daqo New Energy to a “strong-buy” rating in a research report on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $22.26.

Daqo New Energy Trading Up 3.9 %

Shares of NYSE:DQ opened at $23.47 on Wednesday. The stock has a market cap of $1.55 billion, a PE ratio of -12.69 and a beta of 0.32. The stock’s fifty day simple moving average is $18.74 and its two-hundred day simple moving average is $18.50. Daqo New Energy has a 1-year low of $13.62 and a 1-year high of $30.85.

Daqo New Energy (NYSE:DQ) last posted its quarterly earnings data 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 negative net margin of 9.16% and a negative return on equity of 1.89%. The firm had revenue of $219.91 million during the quarter, compared to analysts’ expectations of $406.50 million. During the same quarter last year, the business posted $1.34 EPS. On average, sell-side analysts forecast that Daqo New Energy will post -3.46 earnings per share for the current fiscal year.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Mackenzie Financial Corp grew its position in Daqo New Energy by 6.4% during the second 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 in the last quarter. Ariose Capital Management Ltd raised its stake in 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 in the last quarter. Sylebra Capital LLC lifted its position in 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 purchasing an additional 480,980 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Daqo New Energy during the second quarter worth about $11,080,000. Finally, BNP Paribas Financial Markets increased its position in shares of Daqo New Energy by 142.1% during the 1st 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 last quarter. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

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.