DAQO New Energy Corp. (DQ) Lifted to “Buy” 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 on Thursday. The brokerage currently has a $29.00 target price on the semiconductor company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 8.90% 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. “
A number of other research firms have also commented on DQ. Roth Capital set a $35.00 price objective on shares of DAQO New Energy Corp. and gave the company a “buy” rating in a research note on Monday, June 26th. BidaskClub raised shares of DAQO New Energy Corp. from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Finally, ValuEngine raised shares of DAQO New Energy Corp. from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $34.67.
DAQO New Energy Corp. (NYSE DQ) traded up 2.58% during midday trading on Thursday, reaching $26.63. 89,683 shares of the company’s stock traded hands. DAQO New Energy Corp. has a 1-year low of $18.01 and a 1-year high of $30.80. The firm’s 50 day moving average price is $25.74 and its 200-day moving average price is $22.27. The company has a market capitalization of $280.39 million, a PE ratio of 5.56 and a beta of 1.79.
DAQO New Energy Corp. (NYSE:DQ) last posted its quarterly earnings data on Tuesday, August 8th. The semiconductor company reported $1.19 EPS for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.19). The business had revenue of $76.00 million during the quarter, compared to analyst estimates of $71.80 million. DAQO New Energy Corp. had a net margin of 19.35% and a return on equity of 18.90%. During the same quarter in the prior year, the firm posted $1.87 earnings per share. Equities analysts expect that DAQO New Energy Corp. will post $6.13 EPS for the current year.
A number of hedge funds have recently added to or reduced their stakes in DQ. ClariVest Asset Management LLC raised its position in DAQO New Energy Corp. by 5.4% during the first quarter. ClariVest Asset Management LLC now owns 10,713 shares of the semiconductor company’s stock worth $201,000 after acquiring an additional 546 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in DAQO New Energy Corp. by 264.5% during the second quarter. Public Employees Retirement System of Ohio now owns 7,767 shares of the semiconductor company’s stock worth $161,000 after acquiring an additional 5,636 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in DAQO New Energy Corp. during the second quarter worth about $210,000. Trexquant Investment LP acquired a new position in DAQO New Energy Corp. during the first quarter worth about $196,000. Finally, State of Wisconsin Investment Board acquired a new position in DAQO New Energy Corp. during the first quarter worth about $217,000. 28.39% of the stock is currently owned by hedge funds and other institutional investors.
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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