DAQO New Energy (NYSE:DQ) Stock Rating Upgraded by Wall Street Zen

by · The Cerbat Gem

DAQO New Energy (NYSE:DQ – Get Free Report) was upgraded by Wall Street Zen from a “strong sell” rating to a “hold” rating in a note issued to investors on Saturday.

Several other brokerages have also recently weighed in on DQ. HSBC raised shares of DAQO New Energy from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research report on Wednesday, August 27th. Glj Research reaffirmed a “buy” rating and issued a $30.51 price target on shares of DAQO New Energy in a research report on Tuesday, August 26th. Hsbc Global Res upgraded shares of DAQO New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 27th. Finally, Citigroup initiated coverage on shares of DAQO New Energy in a research note on Friday, July 18th. They issued a “buy” rating and a $27.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, DAQO New Energy presently has an average rating of “Buy” and a consensus target price of $26.10.

View Our Latest Report on DAQO New Energy

DAQO New Energy Stock Performance

Shares of NYSE DQ opened at $25.59 on Friday. DAQO New Energy has a fifty-two week low of $12.40 and a fifty-two week high of $30.85. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of -4.38 and a beta of 0.50. The firm’s 50-day simple moving average is $20.67 and its 200 day simple moving average is $17.70.

DAQO New Energy (NYSE:DQ – Get Free Report) last announced its quarterly earnings results on Tuesday, August 26th. The semiconductor company reported ($1.14) earnings per share for the quarter, beating the consensus estimate of ($1.16) by $0.02. DAQO New Energy had a negative net margin of 65.64% and a negative return on equity of 6.54%. The business had revenue of $75.19 million for the quarter, compared to analysts’ expectations of $140.54 million. On average, sell-side analysts predict that DAQO New Energy will post -3.5 EPS for the current year.

DAQO New Energy announced that its Board of Directors has initiated a stock buyback program on Tuesday, August 26th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On DAQO New Energy

Large investors have recently modified their holdings of the stock. Northern Trust Corp increased its stake in shares of DAQO New Energy by 27.2% during the 4th quarter. Northern Trust Corp now owns 119,786 shares of the semiconductor company’s stock worth $2,329,000 after purchasing an additional 25,647 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of DAQO New Energy during the 1st quarter worth approximately $316,000. Barclays PLC increased its stake in shares of DAQO New Energy by 587.8% during the 4th quarter. Barclays PLC now owns 80,750 shares of the semiconductor company’s stock worth $1,570,000 after purchasing an additional 69,010 shares during the last quarter. Hsbc Holdings PLC increased its stake in shares of DAQO New Energy by 514.3% during the 1st quarter. Hsbc Holdings PLC now owns 501,145 shares of the semiconductor company’s stock worth $9,026,000 after purchasing an additional 419,569 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of DAQO New Energy by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 1,745,544 shares of the semiconductor company’s stock worth $31,612,000 after purchasing an additional 26,359 shares during the last quarter. Hedge funds and other institutional investors own 47.22% of the company’s stock.

DAQO New Energy Company Profile

(Get Free Report)

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.

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