Daqo New Energy Corp. (DQ) Announces Earnings Results
Daqo New Energy Corp. (NYSE:DQ) released its earnings results on Tuesday. The company reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.08. Daqo New Energy Corp. had a return on equity of 19.62% and a net margin of 18.28%. The business earned $54.30 million during the quarter, compared to the consensus estimate of $59.40 million. During the same period last year, the business posted $1.30 earnings per share.
Daqo New Energy Corp. (NYSE:DQ) opened at 21.89 on Tuesday. The stock has a 50 day moving average price of $22.66 and a 200-day moving average price of $23.35. The company has a market capitalization of $228.90 million, a price-to-earnings ratio of 5.92 and a beta of 2.27. Daqo New Energy Corp. has a 12-month low of $11.56 and a 12-month high of $27.60.
Separately, Zacks Investment Research downgraded Daqo New Energy Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, October 26th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $31.50.
An institutional investor recently raised its position in Daqo New Energy Corp. stock. Morgan Stanley increased its position in shares of Daqo New Energy Corp. (NYSE:DQ) by 70.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,690 shares of the company’s stock after buying an additional 6,873 shares during the period. Morgan Stanley owned about 0.16% of Daqo New Energy Corp. worth $354,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 29.48% of the company’s stock.
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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