Daqo New Energy (NYSE:DQ) Stock Rating Upgraded by StockNews.com

Daqo New Energy (NYSE:DQ) was upgraded by stock analysts at StockNews.com to a “sell” rating in a note issued to investors on Monday.

A number of other research analysts also recently commented on DQ. The Goldman Sachs Group assumed coverage on shares of Daqo New Energy in a research note on Thursday, July 11th. They set a “buy” rating for the company. HSBC raised shares of Daqo New Energy from a “reduce” rating to a “hold” rating and set a $15.00 price objective for the company in a research note on Tuesday, August 27th. Hsbc Global Res raised shares of Daqo New Energy from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, August 27th. Roth Mkm dropped their price objective on shares of Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, August 28th. Finally, Jefferies Financial Group decreased their target price on Daqo New Energy from $38.40 to $34.05 and set a “buy” rating for the company in a report on Monday, August 26th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $22.26.

Daqo New Energy Stock Up 7.6 %

Daqo New Energy stock opened at $17.57 on Monday. The firm’s 50-day simple moving average is $15.97 and its 200 day simple moving average is $19.47. Daqo New Energy has a 52 week low of $13.62 and a 52 week high of $31.19. The firm has a market capitalization of $1.16 billion, a PE ratio of 8.25 and a beta of 0.30.

Daqo New Energy (NYSE:DQ) last announced its earnings results on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($1.25). Daqo New Energy had a negative net margin of 4.11% and a negative return on equity of 1.04%. The firm had revenue of $219.91 million during the quarter, compared to analyst estimates of $406.50 million. During the same period in the previous year, the firm posted $1.34 EPS. On average, research analysts expect that Daqo New Energy will post -3.35 EPS for the current fiscal year.

Daqo New Energy declared that its board has approved a stock buyback plan on Monday, July 22nd that allows the company to buyback $100.00 million in shares. This buyback authorization allows the semiconductor company to repurchase up to 8.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Daqo New Energy

Several institutional investors and hedge funds have recently made changes to their positions in the business. Mackenzie Financial Corp raised its position in shares of Daqo New Energy by 6.4% during the 2nd quarter. Mackenzie Financial Corp now owns 2,496,997 shares of the semiconductor company’s stock valued at $36,456,000 after acquiring an additional 149,610 shares in the last quarter. Ariose Capital Management Ltd raised its position in shares of Daqo New Energy by 23.9% during the 2nd quarter. Ariose Capital Management Ltd now owns 1,181,124 shares of the semiconductor company’s stock valued at $17,244,000 after acquiring an additional 228,200 shares in the last quarter. Sylebra Capital LLC raised its position in shares of Daqo New Energy by 103.9% during the 2nd quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock valued at $13,778,000 after acquiring an additional 480,980 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Daqo New Energy during the 2nd quarter valued at approximately $11,080,000. Finally, BNP Paribas Financial Markets raised its position in shares of Daqo New Energy by 142.1% during the 1st quarter. BNP Paribas Financial Markets now owns 696,865 shares of the semiconductor company’s stock valued at $19,617,000 after acquiring an additional 409,057 shares in the last quarter. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

About Daqo New Energy

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.