Hsbc Global Res Upgrades Daqo New Energy (NYSE:DQ) to Strong-Buy

Hsbc Global Res upgraded shares of Daqo New Energy (NYSE:DQ) from a hold rating to a strong-buy rating in a report published on Wednesday, Zacks.com reports.

A number of other research analysts have also recently weighed in on DQ. Nomura Securities upgraded shares of Daqo New Energy to a strong-buy rating in a research note on Wednesday, August 28th. The Goldman Sachs Group began coverage on Daqo New Energy in a research report on Thursday, July 11th. They issued a buy rating on the stock. Roth Mkm cut their target price on Daqo New Energy from $23.00 to $15.00 and set a neutral rating for the company in a research report on Wednesday, August 28th. Jefferies Financial Group lowered their price target on Daqo New Energy from $38.40 to $34.05 and set a buy rating on the stock in a report on Monday, August 26th. Finally, StockNews.com upgraded Daqo New Energy to a sell rating in a research note on Monday, September 23rd. Two analysts have rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Daqo New Energy currently has an average rating of Moderate Buy and an average target price of $22.26.

Daqo New Energy Stock Down 2.1 %

NYSE DQ opened at $21.88 on Wednesday. The stock’s 50-day moving average price is $16.33 and its 200-day moving average price is $19.17. The company has a market capitalization of $1.44 billion, a P/E ratio of 10.27 and a beta of 0.32. Daqo New Energy has a 52 week low of $13.62 and a 52 week high of $30.03.

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

Daqo New Energy announced that its Board of Directors has initiated a stock buyback program on Monday, July 22nd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase up to 8.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Daqo New Energy

Hedge funds have recently made changes to their positions in the company. Mackenzie Financial Corp grew its holdings in 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 buying an additional 149,610 shares in the last quarter. Ariose Capital Management Ltd boosted 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 during the last quarter. Sylebra Capital LLC grew its holdings in shares of Daqo New Energy by 103.9% in the second quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock valued at $13,778,000 after purchasing an additional 480,980 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Daqo New Energy in the second quarter worth $11,080,000. Finally, BNP Paribas Financial Markets raised its stake in Daqo New Energy by 142.1% during the first quarter. BNP Paribas Financial Markets now owns 696,865 shares of the semiconductor company’s stock valued at $19,617,000 after purchasing an additional 409,057 shares in the last quarter. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

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.