Daqo New Energy Corp. (DQ) Upgraded at Zacks Investment Research
Daqo New Energy Corp. (NYSE:DQ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $26.00 price target on the stock. Zacks Investment Research’s price target suggests a potential upside of 12.46% from the stock’s current price.
According to Zacks, “Daqo New Energy Corp. is engaged in the manufacture and sale of high-quality polysilicon to photovoltaic product manufacturers. The polysilicon is further processed into ingots, wafers, cells and modules for solar power solutions. Daqo New Energy Corp., formerly known as Mega Stand International Limited, is headquartered in Wanzhou, The People’s Republic of China. “
Shares of Daqo New Energy Corp. (NYSE:DQ) traded down 0.13% during mid-day trading on Tuesday, hitting $23.12. 48,594 shares of the stock were exchanged. The stock has a market capitalization of $241.77 million, a P/E ratio of 6.26 and a beta of 1.91. Daqo New Energy Corp. has a 12-month low of $11.56 and a 12-month high of $27.60. The stock’s 50 day moving average price is $22.74 and its 200-day moving average price is $23.19.
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Daqo New Energy Corp. (NYSE:DQ) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $1.08. The business earned $71 million during the quarter, compared to analyst estimates of $60.35 million. Daqo New Energy Corp. had a net margin of 18.28% and a return on equity of 19.62%. During the same quarter last year, the business earned ($0.09) EPS. On average, equities research analysts expect that Daqo New Energy Corp. will post $4.79 EPS for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in the stock. ClariVest Asset Management LLC increased its stake in Daqo New Energy Corp. by 24.1% in the second quarter. ClariVest Asset Management LLC now owns 6,905 shares of the company’s stock worth $156,000 after buying an additional 1,341 shares in the last quarter. Walleye Trading LLC increased its stake in shares of Daqo New Energy Corp. by 38.5% in the second quarter. Walleye Trading LLC now owns 5,400 shares of the company’s stock valued at $122,000 after buying an additional 1,500 shares during the period. Royce & Associates LP increased its stake in shares of Daqo New Energy Corp. by 24.2% in the first quarter. Royce & Associates LP now owns 103,500 shares of the company’s stock valued at $1,926,000 after buying an additional 20,200 shares during the period. Quentec Asset Management LLC increased its stake in shares of Daqo New Energy Corp. by 3.3% in the second quarter. Quentec Asset Management LLC now owns 804,943 shares of the company’s stock valued at $18,167,000 after buying an additional 25,398 shares during the period. Finally, Granite Point Capital Management L.P. bought a new stake in shares of Daqo New Energy Corp. during the second quarter valued at approximately $1,297,000. 29.26% of the stock is owned by institutional investors and hedge funds.
Daqo New Energy Corp. Company Profile
Daqo New Energy Corp. is a polysilicon manufacturer. The Company utilizes the chemical vapor deposition process, or the modified Siemens process, to produce polysilicon. The Company’s segments include Polysilicon and Wafer. The Company manufactures and sells polysilicon to photovoltaic product manufacturers, whereby the polysilicon is processed into ingots, wafers, cells and modules for solar power solutions.
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