Daqo New Energy (NYSE:DQ) Lifted to Buy at HSBC

Daqo New Energy (NYSE:DQ) was upgraded by research analysts at HSBC from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Briefing.com reports.

Other equities analysts also recently issued research reports about the stock. Roth Mkm lowered their price target on shares of Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, August 28th. Hsbc Global Res raised Daqo New Energy from a “moderate sell” rating to a “hold” rating in a report on Tuesday, August 27th. The Goldman Sachs Group began coverage on shares of Daqo New Energy in a report on Thursday, July 11th. They issued a “buy” rating on the stock. StockNews.com raised Daqo New Energy to a “sell” rating in a research report on Monday, September 23rd. Finally, Jefferies Financial Group cut their price target on shares of Daqo New Energy from $38.40 to $34.05 and set a “buy” rating on the stock in a report on Monday, August 26th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $22.26.

Daqo New Energy Stock Up 5.6 %

Shares of NYSE DQ traded up $1.16 during midday trading on Wednesday, reaching $21.87. The company had a trading volume of 2,388,891 shares, compared to its average volume of 1,040,946. The firm’s fifty day moving average price is $16.21 and its 200-day moving average price is $19.15. Daqo New Energy has a one year low of $13.62 and a one year high of $30.03. The stock has a market cap of $1.44 billion, a PE ratio of 10.27 and a beta of 0.30.

Daqo New Energy (NYSE:DQ) last issued 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). Daqo New Energy had a negative net margin of 4.11% and a negative return on equity of 1.04%. The firm had revenue of $219.91 million for the quarter, compared to the consensus estimate of $406.50 million. During the same period last year, the company posted $1.34 earnings per share. As a group, equities research analysts expect that Daqo New Energy will post -3.35 EPS for the current year.

Daqo New Energy announced that its Board of Directors has approved a stock repurchase program on Monday, July 22nd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the semiconductor company to buy up to 8.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Daqo New Energy

Large investors have recently modified their holdings of the business. Blue Trust Inc. grew its holdings in shares of Daqo New Energy by 12,187.5% in the second quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 1,950 shares during the period. PNC Financial Services Group Inc. lifted 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 valued at $42,000 after acquiring an additional 858 shares during the last quarter. AXA S.A. increased its stake in Daqo New Energy by 202.3% during the second quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock worth $93,000 after acquiring an additional 4,274 shares during the last quarter. Rhumbline Advisers raised its position in Daqo New Energy by 22.2% in the second quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock valued at $118,000 after purchasing an additional 1,470 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of Daqo New Energy by 37.9% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,442 shares of the semiconductor company’s stock valued at $211,000 after purchasing an additional 3,970 shares during the last quarter. 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.