Daqo New Energy Corp. (NYSE:DQ) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Daqo New Energy Corp. (NYSE:DQ) have received a consensus recommendation of “Buy” from the eight brokerages that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and three have issued a strong buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $22.26.

Several analysts have recently commented on DQ shares. Nomura Securities upgraded shares of Daqo New Energy to a “strong-buy” rating in a research note on Wednesday, August 28th. Hsbc Global Res raised Daqo New Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Roth Mkm cut their target price on Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, August 28th. Daiwa Capital Markets upgraded Daqo New Energy from a “neutral” rating to an “outperform” rating in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group cut their price objective on Daqo New Energy from $38.40 to $34.05 and set a “buy” rating for the company in a research report on Monday, August 26th.

Institutional Trading of Daqo New Energy

Large investors have recently modified their holdings of the business. BNP Paribas Financial Markets boosted its stake in shares of Daqo New Energy by 57.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 74,571 shares of the semiconductor company’s stock worth $1,519,000 after purchasing an additional 27,223 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Daqo New Energy by 15.4% during the third quarter. Daiwa Securities Group Inc. now owns 10,500 shares of the semiconductor company’s stock worth $214,000 after acquiring an additional 1,400 shares during the last quarter. KBC Group NV grew its stake in Daqo New Energy by 12.9% in the 3rd quarter. KBC Group NV now owns 25,244 shares of the semiconductor company’s stock worth $514,000 after acquiring an additional 2,877 shares during the period. Van ECK Associates Corp raised its holdings in Daqo New Energy by 4.3% in the 3rd quarter. Van ECK Associates Corp now owns 18,657 shares of the semiconductor company’s stock valued at $415,000 after acquiring an additional 764 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Daqo New Energy by 27.3% during the 3rd quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company’s stock worth $57,000 after purchasing an additional 602 shares during the period. 47.22% of the stock is currently owned by institutional investors and hedge funds.

Daqo New Energy Stock Down 4.0 %

Shares of NYSE DQ opened at $20.74 on Friday. The business has a 50-day moving average price of $19.92 and a 200 day moving average price of $18.42. The stock has a market cap of $1.37 billion, a PE ratio of -11.21 and a beta of 0.32. Daqo New Energy has a 52-week low of $13.62 and a 52-week high of $30.85.

Daqo New Energy (NYSE:DQ) last issued its quarterly earnings data on Wednesday, October 30th. The semiconductor company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.12). Daqo New Energy had a negative return on equity of 1.90% and a negative net margin of 9.16%. The business had revenue of $198.50 million for the quarter, compared to analysts’ expectations of $186.90 million. During the same period in the previous year, the business posted ($0.09) earnings per share. Sell-side analysts anticipate that Daqo New Energy will post -3.5 earnings per share for the current year.

Daqo New Energy declared that its board has initiated a stock repurchase program on Monday, July 22nd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the semiconductor company to reacquire up to 8.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership 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.