Daqo New Energy Corp. (NYSE:DQ) Shares Sold by Oslo Asset Management AS

Oslo Asset Management AS lowered its holdings in Daqo New Energy Corp. (NYSE:DQ) by 49.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 130,000 shares of the semiconductor company’s stock after selling 125,000 shares during the quarter. Daqo New Energy accounts for about 2.2% of Oslo Asset Management AS’s holdings, making the stock its 10th biggest position. Oslo Asset Management AS’s holdings in Daqo New Energy were worth $1,898,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of DQ. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Daqo New Energy by 4.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 48,744 shares of the semiconductor company’s stock valued at $1,184,000 after acquiring an additional 1,899 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Daqo New Energy by 39.4% during the 4th quarter. Quadrant Capital Group LLC now owns 2,348 shares of the semiconductor company’s stock worth $62,000 after buying an additional 664 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Daqo New Energy by 2.0% during the 4th quarter. Franklin Resources Inc. now owns 2,728,399 shares of the semiconductor company’s stock worth $72,575,000 after buying an additional 53,860 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of Daqo New Energy by 42.9% during the 4th quarter. Hsbc Holdings PLC now owns 219,204 shares of the semiconductor company’s stock worth $5,826,000 after buying an additional 65,772 shares during the last quarter. Finally, KBC Group NV raised its stake in shares of Daqo New Energy by 121.6% during the 4th quarter. KBC Group NV now owns 22,367 shares of the semiconductor company’s stock worth $595,000 after buying an additional 12,273 shares during the last quarter. Institutional investors and hedge funds own 47.22% of the company’s stock.

Daqo New Energy Price Performance

DQ opened at $16.54 on Wednesday. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 7.76 and a beta of 0.30. The business has a 50-day moving average of $15.90 and a two-hundred day moving average of $19.79. Daqo New Energy Corp. has a 12 month low of $13.62 and a 12 month high of $32.44.

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

Daqo New Energy announced that its Board of Directors has initiated a share buyback program on Monday, July 22nd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the semiconductor company to buy up to 8.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on DQ. Hsbc Global Res raised Daqo New Energy from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, August 27th. Roth Mkm cut their price target on Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, August 28th. Jefferies Financial Group cut their price target on Daqo New Energy from $38.40 to $34.05 and set a “buy” rating for the company in a research note on Monday, August 26th. StockNews.com raised Daqo New Energy to a “sell” rating in a research note on Thursday, September 5th. Finally, The Goldman Sachs Group assumed coverage on Daqo New Energy in a research report on Thursday, July 11th. They set a “buy” rating for the company. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $22.26.

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.