Taikang Asset Management Hong Kong Co Ltd Sells 80,000 Shares of DAQO New Energy Corp. $DQ

Taikang Asset Management Hong Kong Co Ltd decreased its stake in shares of DAQO New Energy Corp. (NYSE:DQ) by 44.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 100,000 shares of the semiconductor company’s stock after selling 80,000 shares during the quarter. Taikang Asset Management Hong Kong Co Ltd owned about 0.15% of DAQO New Energy worth $1,517,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also bought and sold shares of the company. Continental General Insurance Co. increased its position in DAQO New Energy by 0.8% in the 1st quarter. Continental General Insurance Co. now owns 5,966,202 shares of the semiconductor company’s stock valued at $108,048,000 after buying an additional 50,000 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of DAQO New Energy by 1.4% in the 2nd quarter. Mackenzie Financial Corp now owns 1,866,454 shares of the semiconductor company’s stock worth $28,314,000 after acquiring an additional 26,100 shares during the last quarter. Vanguard Group Inc. lifted its position in DAQO New Energy by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 1,745,544 shares of the semiconductor company’s stock valued at $31,612,000 after acquiring an additional 26,359 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in DAQO New Energy by 117.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,159,835 shares of the semiconductor company’s stock worth $21,005,000 after purchasing an additional 625,900 shares in the last quarter. Finally, Prudential PLC raised its stake in shares of DAQO New Energy by 11.8% in the first quarter. Prudential PLC now owns 849,471 shares of the semiconductor company’s stock worth $15,384,000 after purchasing an additional 89,431 shares during the last quarter. 47.22% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

DQ has been the subject of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of DAQO New Energy in a report on Tuesday, November 25th. New Street Research set a $15.40 target price on shares of DAQO New Energy in a research report on Thursday, September 18th. Wall Street Zen upgraded DAQO New Energy from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Glj Research reiterated a “buy” rating and set a $30.51 price target on shares of DAQO New Energy in a research note on Tuesday, August 26th. Finally, The Goldman Sachs Group set a $18.30 price objective on DAQO New Energy and gave the stock a “neutral” rating in a report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.04.

DAQO New Energy Trading Up 3.0%

Shares of NYSE:DQ opened at $32.63 on Tuesday. The company has a 50 day moving average of $29.58 and a 200 day moving average of $23.28. The stock has a market cap of $2.19 billion, a P/E ratio of -6.35 and a beta of 0.66. DAQO New Energy Corp. has a 12 month low of $12.40 and a 12 month high of $36.59.

DAQO New Energy (NYSE:DQ) last announced its earnings results on Monday, October 27th. The semiconductor company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.39. DAQO New Energy had a negative return on equity of 5.89% and a negative net margin of 53.74%.The business had revenue of $244.60 million for the quarter, compared to analyst estimates of $176.78 million. On average, equities analysts forecast that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

DAQO New Energy announced that its Board of Directors has initiated a share buyback plan on Tuesday, August 26th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the semiconductor company to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

DAQO New Energy 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.