Daqo New Energy (NYSE:DQ) Stock Rating Reaffirmed by Daiwa Capital Markets

Daiwa Capital Markets restated their hold rating on shares of Daqo New Energy (NYSE:DQ) in a report released on Wednesday morning, Benzinga reports. Daiwa Capital Markets currently has a $25.00 target price on the semiconductor company’s stock, up from their previous target price of $18.00.

A number of other research analysts have also issued reports on DQ. Hsbc Global Res upgraded shares of Daqo New Energy from a hold rating to a strong-buy rating in a research note on Wednesday, October 2nd. HSBC upgraded shares of Daqo New Energy from a hold rating to a buy rating in a research note on Wednesday, October 2nd. Jefferies Financial Group decreased their price target on Daqo New Energy from $38.40 to $34.05 and set a buy rating on the stock in a research note on Monday, August 26th. Nomura Securities raised shares of Daqo New Energy to a strong-buy rating in a report on Wednesday, August 28th. Finally, 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 report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Daqo New Energy presently has an average rating of Moderate Buy and a consensus price target of $22.26.

Daqo New Energy Price Performance

Shares of DQ opened at $20.50 on Wednesday. The business’s 50-day moving average is $17.06 and its 200-day moving average is $19.00. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of 9.62 and a beta of 0.32. Daqo New Energy has a fifty-two week low of $13.62 and a fifty-two week high of $30.03.

Daqo New Energy (NYSE:DQ) last announced 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 firm had revenue of $219.91 million during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted $1.34 EPS. Equities research analysts expect that Daqo New Energy will post -3.35 earnings per share for the current fiscal year.

Daqo New Energy announced that its board has authorized a share buyback program on Monday, July 22nd that allows the company to buyback $100.00 million in shares. This buyback authorization allows the semiconductor company to purchase up to 8.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Daqo New Energy

Large investors have recently bought and sold shares of the business. BNP Paribas Financial Markets boosted its holdings in Daqo New Energy by 142.1% during the first quarter. BNP Paribas Financial Markets now owns 696,865 shares of the semiconductor company’s stock worth $19,617,000 after buying an additional 409,057 shares during the last quarter. Quadrature Capital Ltd bought a new stake in Daqo New Energy in the fourth quarter valued at approximately $471,000. Franchise Capital Ltd acquired a new stake in Daqo New Energy in the fourth quarter worth $4,788,000. Acadian Asset Management LLC bought a new position in shares of Daqo New Energy during the first quarter worth $3,457,000. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of Daqo New Energy in the 1st quarter valued at $9,647,000. 47.22% of the stock is currently owned by institutional investors and hedge funds.

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.