Daqo New Energy Corp. (DQ) Upgraded to Buy by 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 report released on Tuesday. The firm currently has a $26.00 target price on the stock. Zacks Investment Research’s target price suggests a potential upside of 12.46% from the company’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 trading on Tuesday, hitting $23.12. 48,594 shares of the company were exchanged. Daqo New Energy Corp. has a 12 month low of $11.56 and a 12 month high of $27.60. The stock has a market cap of $241.77 million, a P/E ratio of 6.26 and a beta of 1.91. The company’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 announced its quarterly earnings data on Tuesday, August 9th. The company reported $2.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $1.08. The company 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 period last year, the business earned ($0.09) EPS. On average, equities analysts predict that Daqo New Energy Corp. will post $4.79 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quentec Asset Management LLC raised its position in Daqo New Energy Corp. by 20.1% in the first quarter. Quentec Asset Management LLC now owns 779,545 shares of the company’s stock valued at $14,507,000 after buying an additional 130,258 shares during the period. Royce & Associates LP raised its position in 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. Walleye Trading LLC raised its position in 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. Hsbc Holdings PLC acquired a new position in Daqo New Energy Corp. during the second quarter valued at approximately $5,632,000. Finally, Granite Point Capital Management L.P. acquired a new position in 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.
About Daqo New Energy Corp.
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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