Daqo New Energy (NYSE:DQ) Upgraded to “Strong-Buy” at Hsbc Global Res

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

A number of other brokerages have also weighed in on DQ. StockNews.com upgraded shares of Daqo New Energy to a sell rating in a report on Monday, September 23rd. The Goldman Sachs Group initiated coverage on shares of Daqo New Energy in a research note on Thursday, July 11th. They issued a buy rating for the company. Jefferies Financial Group decreased their price objective 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. HSBC upgraded Daqo New Energy from a hold rating to a buy rating in a research report on Wednesday. Finally, Nomura Securities raised Daqo New Energy to a strong-buy rating in a research note on Wednesday, August 28th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $22.26.

Daqo New Energy Trading Down 2.1 %

Shares of DQ stock opened at $21.88 on Wednesday. Daqo New Energy has a 12 month low of $13.62 and a 12 month high of $30.03. The firm’s 50 day moving average is $16.33 and its 200 day moving average is $19.17. The stock has a market capitalization of $1.44 billion, a P/E ratio of 10.27 and a beta of 0.32.

Daqo New Energy (NYSE:DQ) last announced its quarterly earnings data on Monday, August 26th. The semiconductor company reported ($1.81) EPS for the quarter, missing the consensus estimate 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 net margin of 4.11% and a negative return on equity of 1.04%. During the same quarter last year, the company posted $1.34 earnings per share. On average, equities analysts predict that Daqo New Energy will post -3.35 EPS for the current year.

Daqo New Energy announced that its board has authorized a stock repurchase program 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Daqo New Energy

Several hedge funds and other institutional investors have recently modified their holdings of DQ. PNC Financial Services Group Inc. raised its holdings in Daqo New Energy by 117.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 858 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Daqo New Energy by 12,187.5% in the 2nd quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock worth $29,000 after acquiring an additional 1,950 shares in the last quarter. AXA S.A. lifted its position in Daqo New Energy by 202.3% during the 2nd quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock valued at $93,000 after acquiring an additional 4,274 shares during the period. Rhumbline Advisers boosted its stake in Daqo New Energy by 22.2% during the second quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock worth $118,000 after acquiring an additional 1,470 shares in the last quarter. Finally, Daiwa Securities Group Inc. purchased a new stake in Daqo New Energy in the first quarter worth about $256,000. Hedge funds and other institutional investors own 47.22% of the company’s stock.

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.