Zacks Investment Research upgraded shares of Daqo New Energy (NYSE:DQ) from a strong sell rating to a hold rating in a research report sent to investors on Friday morning.
According to Zacks, “Daqo New Energy Corp. is engaged in the manufacture and sale of high-quality polysilicon to photovoltaic product manufacturers. The polysilicon is further processed into ingots, wafers, cells and modules for solar power solutions. Daqo New Energy Corp., formerly known as Mega Stand International Limited, is headquartered in Wanzhou, The People’s Republic of China. “
DQ has been the subject of a number of other reports. Credit Suisse Group began coverage on Daqo New Energy in a research note on Friday, August 24th. They set an outperform rating and a $58.00 price target for the company. ValuEngine lowered Daqo New Energy from a hold rating to a sell rating in a research note on Thursday, September 27th. TheStreet lowered Daqo New Energy from a b- rating to a c+ rating in a research note on Wednesday, October 24th. Finally, Roth Capital raised Daqo New Energy from a neutral rating to a buy rating and raised their price target for the stock from $40.00 to $48.00 in a research note on Wednesday, August 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $56.67.
Shares of Daqo New Energy stock traded down $0.04 on Friday, reaching $25.62. The company had a trading volume of 215,286 shares, compared to its average volume of 277,221. The stock has a market cap of $295.14 million, a price-to-earnings ratio of 3.01 and a beta of 1.38. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.06 and a current ratio of 1.23. Daqo New Energy has a 1 year low of $20.43 and a 1 year high of $72.50.
Daqo New Energy (NYSE:DQ) last announced its earnings results on Tuesday, August 7th. The semiconductor company reported $1.36 EPS for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.46. The firm had revenue of $66.95 million during the quarter, compared to analysts’ expectations of $62.70 million. Daqo New Energy had a return on equity of 23.80% and a net margin of 28.32%. Sell-side analysts predict that Daqo New Energy will post 2.64 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its position in Daqo New Energy by 3.0% during the 3rd quarter. BlackRock Inc. now owns 72,226 shares of the semiconductor company’s stock valued at $1,886,000 after purchasing an additional 2,082 shares in the last quarter. Navellier & Associates Inc raised its position in Daqo New Energy by 4.5% during the 2nd quarter. Navellier & Associates Inc now owns 58,317 shares of the semiconductor company’s stock valued at $2,073,000 after purchasing an additional 2,497 shares in the last quarter. Bank of Montreal Can raised its position in Daqo New Energy by 51.4% during the 2nd quarter. Bank of Montreal Can now owns 9,242 shares of the semiconductor company’s stock valued at $328,000 after purchasing an additional 3,136 shares in the last quarter. Guinness Atkinson Asset Management Inc raised its position in Daqo New Energy by 45.8% during the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 10,500 shares of the semiconductor company’s stock valued at $274,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Royal Bank of Canada raised its position in Daqo New Energy by 554.9% during the 1st quarter. Royal Bank of Canada now owns 4,735 shares of the semiconductor company’s stock valued at $232,000 after purchasing an additional 4,012 shares in the last quarter. 40.37% of the stock is owned by institutional investors and hedge funds.
Daqo New Energy Company Profile
Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon and wafers in the People's Republic of China. It operates through two segments, Polysilicon and Wafers. The company offers polysilicon to photovoltaic product manufacturers who further process its polysilicon into ingots, wafers, cells, and modules for solar power solutions.
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