DAQO New Energy (NYSE:DQ) Upgraded at Zacks Research

DAQO New Energy (NYSE:DQ) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Other research analysts also recently issued reports about the company. Wall Street Zen downgraded DAQO New Energy from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 2nd. Roth Mkm set a $19.00 price objective on DAQO New Energy in a research note on Thursday, April 30th. Finally, Weiss Ratings downgraded DAQO New Energy from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, DAQO New Energy presently has an average rating of “Hold” and a consensus target price of $23.59.

DAQO New Energy Price Performance

Shares of NYSE:DQ opened at $13.40 on Monday. The company’s 50-day moving average price is $17.26 and its two-hundred day moving average price is $22.38. DAQO New Energy has a one year low of $12.46 and a one year high of $36.59. The stock has a market capitalization of $906.51 million, a PE ratio of -4.82 and a beta of 0.61.

DAQO New Energy (NYSE:DQ) last announced its quarterly earnings data on Wednesday, April 29th. The semiconductor company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($1.18). The company had revenue of $26.72 million during the quarter, compared to the consensus estimate of $186.28 million. DAQO New Energy had a negative net margin of 32.92% and a negative return on equity of 3.19%. On average, analysts anticipate that DAQO New Energy will post -1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On DAQO New Energy

Large investors have recently made changes to their positions in the company. Renaissance Technologies LLC bought a new stake in DAQO New Energy in the 1st quarter valued at $3,285,000. Himension Capital Singapore PTE. LTD. bought a new position in DAQO New Energy during the 1st quarter worth $521,000. Bank of New York Mellon Corp increased its position in DAQO New Energy by 7.6% during the 1st quarter. Bank of New York Mellon Corp now owns 30,134 shares of the semiconductor company’s stock worth $641,000 after buying an additional 2,122 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of 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 buying an additional 13,970 shares in the last quarter. Finally, Leonteq Securities AG lifted its holdings in shares of DAQO New Energy by 420.2% during the first quarter. Leonteq Securities AG now owns 16,767 shares of the semiconductor company’s stock worth $357,000 after buying an additional 13,544 shares in the last quarter. Institutional investors own 47.22% of the company’s stock.

DAQO New Energy Company Profile

DAQO New Energy Corp. operates as a leading manufacturer of high-purity polysilicon and monocrystalline silicon wafers for the global solar photovoltaic industry. The company focuses on serving module makers and integrated solar producers with critical upstream materials, applying proprietary technologies and optimized processes to achieve high product purity and consistently low production costs. Its core offerings include solar-grade polysilicon—used in the ingot casting and wafer slicing stages—and premium mono-silicon wafers, which are a key input for high-efficiency solar cell production.

Founded in the late 2000s and listed on the New York Stock Exchange in 2010, DAQO New Energy established its first polysilicon facility in China’s Xinjiang Uygur Autonomous Region.