Brokerages Set DAQO New Energy Corp. (NYSE:DQ) Price Target at $25.99

Shares of DAQO New Energy Corp. (NYSE:DQ) have been assigned an average rating of “Moderate Buy” from the nine analysts that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, four have given a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $25.9850.

Several research firms have issued reports on DQ. Wall Street Zen upgraded DAQO New Energy from a “sell” rating to a “hold” rating in a research report on Saturday. Citigroup upped their price objective on DAQO New Energy from $27.00 to $37.00 and gave the stock a “buy” rating in a report on Monday, September 8th. Glj Research reiterated a “buy” rating and issued a $30.51 price objective on shares of DAQO New Energy in a research report on Tuesday, August 26th. Weiss Ratings restated a “sell (d)” rating on shares of DAQO New Energy in a research report on Wednesday, October 8th. Finally, HSBC upgraded shares of DAQO New Energy from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a report on Wednesday, August 27th.

Institutional Investors Weigh In On DAQO New Energy

A number of institutional investors and hedge funds have recently modified their holdings of DQ. Polunin Capital Partners Ltd acquired a new position in DAQO New Energy during the third quarter worth $37,183,000. Goldman Sachs Group Inc. increased its position in shares of DAQO New Energy by 117.2% in the first quarter. Goldman Sachs Group Inc. now owns 1,159,835 shares of the semiconductor company’s stock valued at $21,005,000 after buying an additional 625,900 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of DAQO New Energy by 514.3% during the 1st quarter. Hsbc Holdings PLC now owns 501,145 shares of the semiconductor company’s stock worth $9,026,000 after buying an additional 419,569 shares during the last quarter. Millennium Management LLC boosted its position in shares of DAQO New Energy by 1,261.0% in the 1st quarter. Millennium Management LLC now owns 354,596 shares of the semiconductor company’s stock worth $6,422,000 after buying an additional 328,541 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in DAQO New Energy by 137.6% in the 2nd quarter. BNP Paribas Financial Markets now owns 401,919 shares of the semiconductor company’s stock valued at $6,097,000 after acquiring an additional 232,759 shares during the last quarter. Institutional investors and hedge funds own 47.22% of the company’s stock.

DAQO New Energy Stock Performance

DQ stock opened at $27.42 on Tuesday. DAQO New Energy has a one year low of $12.40 and a one year high of $31.21. The stock has a market capitalization of $1.84 billion, a PE ratio of -4.69 and a beta of 0.60. The company has a fifty day moving average of $26.06 and a 200-day moving average of $19.65.

DAQO New Energy (NYSE:DQ) last issued its quarterly earnings results on Tuesday, August 26th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.16) by $0.02. The business had revenue of $75.19 million for the quarter, compared to analyst estimates of $140.54 million. DAQO New Energy had a negative net margin of 65.64% and a negative return on equity of 6.54%. Equities analysts forecast that DAQO New Energy will post -3.5 earnings per share for the current fiscal year.

DAQO New Energy declared that its Board of Directors has initiated a share buyback plan on Tuesday, August 26th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the semiconductor company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

DAQO New Energy Company 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.