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 research report issued to clients and investors on Tuesday. The firm presently has a $26.00 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 12.46% from the company’s previous close.
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, reaching $23.12. The company had a trading volume of 48,594 shares. The firm has a 50-day moving average of $22.74 and a 200 day moving average of $23.19. Daqo New Energy Corp. has a 1-year low of $11.56 and a 1-year high of $27.60. The firm has a market capitalization of $241.77 million, a PE ratio of 6.26 and a beta of 1.91.
Daqo New Energy Corp. (NYSE:DQ) last announced its earnings results on Tuesday, August 9th. The company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $1.08. The company had revenue of $71 million for the quarter, compared to analyst estimates of $60.35 million. Daqo New Energy Corp. had a return on equity of 19.62% and a net margin of 18.28%. During the same quarter in the previous year, the company earned ($0.09) earnings per share. Analysts expect that Daqo New Energy Corp. will post $4.79 earnings per share for the current year.
A number of hedge funds have recently made changes to their positions in the stock. Quentec Asset Management LLC increased 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 increased 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 increased 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 currently owned by 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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