DAQO New Energy (NYSE:DQ) Raised to “Hold” at Zacks Research

DAQO New Energy (NYSE:DQ) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday, Zacks reports.

Several other research firms have also recently weighed in on DQ. New Street Research set a $10.00 target price on shares of DAQO New Energy in a research note on Monday, August 24th. Weiss Ratings raised shares of DAQO New Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, September 14th. The Goldman Sachs Group cut shares of DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 price target for the company. in a research note on Monday, August 24th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. One analyst has rated the stock with a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, DAQO New Energy currently has an average rating of “Reduce” and an average target price of $15.83.

DAQO New Energy Stock Up 1.3%

DQ stock opened at $11.49 on Tuesday. The business has a 50 day moving average price of $12.82 and a two-hundred day moving average price of $15.89. The company has a market cap of $777.66 million, a price-to-earnings ratio of -4.05 and a beta of 0.67. DAQO New Energy has a twelve month low of $10.87 and a twelve month high of $36.59.

DAQO New Energy (NYSE:DQ) last posted its quarterly earnings results on Thursday, August 20th. The semiconductor company reported ($1.20) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.63). DAQO New Energy had a negative return on equity of 3.26% and a negative net margin of 34.50%.The company had revenue of $62.66 million for the quarter, compared to analyst estimates of $52.93 million. On average, equities research analysts anticipate that DAQO New Energy will post -1.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in DQ. Renaissance Technologies LLC acquired a new position in shares of DAQO New Energy during the 1st quarter worth approximately $3,285,000. SG Americas Securities LLC lifted its holdings in DAQO New Energy by 58.1% during the 1st quarter. SG Americas Securities LLC now owns 67,643 shares of the semiconductor company’s stock valued at $1,439,000 after purchasing an additional 24,855 shares during the last quarter. Gordian Capital Singapore Pte Ltd lifted its holdings in DAQO New Energy by 28.0% during the 4th quarter. Gordian Capital Singapore Pte Ltd now owns 64,000 shares of the semiconductor company’s stock valued at $1,888,000 after purchasing an additional 14,000 shares during the last quarter. Cygnus Capital Advisors LLC bought a new position in DAQO New Energy during the second quarter worth $724,000. Finally, Hsbc Holdings PLC boosted its position in DAQO New Energy by 65.9% during the first quarter. Hsbc Holdings PLC now owns 35,165 shares of the semiconductor company’s stock worth $739,000 after purchasing an additional 13,970 shares during the period. 47.22% of the stock is currently owned by institutional investors.

DAQO New Energy Company Profile

DA​​QO New Energy Corp. (NYSE: DQ) is a China-based manufacturer of high-purity polysilicon, a key raw material used to produce the wafers, cells and modules that make up solar photovoltaic panels. The company supplies polysilicon primarily to manufacturers in the global solar power industry.

Through its operating subsidiary, Xinjiang Daqo New Energy Co, Ltd., the company produces polysilicon at manufacturing facilities in China. Its products include polysilicon used in both monocrystalline and multicrystalline solar applications, with product specifications designed for use in advanced photovoltaic manufacturing.

Daqo New Energy was established in 2008 and began commercial polysilicon production in 2009.