Mirae Asset Global Investments Co. Ltd. Has $30,000 Holdings in Daqo New Energy Corp. (NYSE:DQ)

Mirae Asset Global Investments Co. Ltd. cut its holdings in Daqo New Energy Corp. (NYSE:DQ) by 96.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,508 shares of the semiconductor company’s stock after selling 37,412 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Daqo New Energy were worth $30,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DQ. Capstone Investment Advisors LLC acquired a new stake in shares of Daqo New Energy in the first quarter valued at approximately $264,000. Daiwa Securities Group Inc. acquired a new stake in shares of Daqo New Energy in the first quarter valued at approximately $256,000. Jupiter Asset Management Ltd. bought a new position in shares of Daqo New Energy in the first quarter valued at $9,647,000. Acadian Asset Management LLC bought a new position in shares of Daqo New Energy in the first quarter valued at $3,457,000. Finally, Shell Asset Management Co. grew its stake in shares of Daqo New Energy by 20.6% in the first quarter. Shell Asset Management Co. now owns 10,734 shares of the semiconductor company’s stock valued at $302,000 after buying an additional 1,834 shares in the last quarter. 47.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on DQ shares. HSBC raised shares of Daqo New Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Nomura Securities raised shares of Daqo New Energy to a “strong-buy” rating in a research note on Wednesday, August 28th. Daiwa America raised shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. StockNews.com raised shares of Daqo New Energy to a “sell” rating in a research note on Monday, September 23rd. Finally, Hsbc Global Res raised shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, Daqo New Energy currently has an average rating of “Buy” and a consensus price target of $22.26.

Daqo New Energy Price Performance

DQ stock opened at $23.21 on Wednesday. The company has a fifty day moving average price of $18.91 and a two-hundred day moving average price of $18.45. Daqo New Energy Corp. has a one year low of $13.62 and a one year high of $30.85. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of -12.55 and a beta of 0.32.

Daqo New Energy (NYSE:DQ) last announced its earnings results on Wednesday, October 30th. The semiconductor company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.12). The business had revenue of $198.50 million during the quarter, compared to the consensus estimate of $186.90 million. Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. During the same period in the previous year, the firm posted ($0.09) EPS. Research analysts anticipate that Daqo New Energy Corp. will post -3.46 EPS for the current fiscal year.

Daqo New Energy announced that its Board of Directors has initiated a share buyback plan on Monday, July 22nd that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the semiconductor company to reacquire up to 8.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

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.