Daqo New Energy Corp. (DQ) Posts Quarterly Earnings Results, Beats Estimates By $0.08 EPS
Daqo New Energy Corp. (NYSE:DQ) issued its earnings results on Tuesday. The company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.18 by $0.08. The company earned $54.30 million during the quarter, compared to analyst estimates of $59.40 million. Daqo New Energy Corp. had a return on equity of 19.62% and a net margin of 18.28%. During the same quarter last year, the firm earned $1.30 EPS.
Daqo New Energy Corp. (NYSE:DQ) opened at 21.89 on Tuesday. Daqo New Energy Corp. has a 12 month low of $11.56 and a 12 month high of $27.60. The stock has a 50 day moving average price of $22.66 and a 200 day moving average price of $23.35. The firm has a market cap of $228.90 million, a price-to-earnings ratio of 5.92 and a beta of 2.27.
Separately, Zacks Investment Research upgraded Daqo New Energy Corp. from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research report on Tuesday, October 18th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $31.50.
A hedge fund recently raised its stake in Daqo New Energy Corp. stock. Morgan Stanley increased its stake in Daqo New Energy Corp. (NYSE:DQ) by 70.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,690 shares of the company’s stock after buying an additional 6,873 shares during the period. Morgan Stanley owned 0.16% of Daqo New Energy Corp. worth $354,000 at the end of the most recent reporting period. 29.48% of the stock is currently owned by institutional investors and hedge funds.
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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