Zacks Investment Research upgraded shares of DAQO New Energy Corp. (NYSE:DQ) from a hold rating to a buy rating in a research note published on Thursday morning. Zacks Investment Research currently has $29.00 price objective on the semiconductor company’s stock.

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. “

A number of other brokerages have also recently weighed in on DQ. ValuEngine raised shares of DAQO New Energy Corp. from a buy rating to a strong-buy rating in a research report on Friday, September 1st. BidaskClub raised shares of DAQO New Energy Corp. from a sell rating to a hold rating in a research report on Monday, July 24th. Finally, Roth Capital set a $35.00 price target on shares of DAQO New Energy Corp. and gave the stock a buy rating in a research report on Sunday, August 20th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $34.67.

Shares of DAQO New Energy Corp. (NYSE DQ) opened at 28.15 on Thursday. DAQO New Energy Corp. has a 52 week low of $18.01 and a 52 week high of $30.80. The firm has a market capitalization of $296.39 million, a PE ratio of 5.88 and a beta of 1.79. The stock has a 50 day moving average price of $25.85 and a 200 day moving average price of $22.28.

DAQO New Energy Corp. (NYSE:DQ) last announced its quarterly earnings results on Tuesday, August 8th. The semiconductor company reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.19). DAQO New Energy Corp. had a return on equity of 18.90% and a net margin of 19.35%. The business had revenue of $76.00 million for the quarter, compared to analysts’ expectations of $71.80 million. During the same period last year, the company posted $1.87 earnings per share. Equities analysts forecast that DAQO New Energy Corp. will post $6.13 earnings per share for the current fiscal year.

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A number of institutional investors have recently made changes to their positions in DQ. State of Wisconsin Investment Board purchased a new stake in DAQO New Energy Corp. during the 1st quarter worth $217,000. Trexquant Investment LP purchased a new stake in DAQO New Energy Corp. during the 1st quarter worth $196,000. ClariVest Asset Management LLC boosted its position in DAQO New Energy Corp. by 5.4% during the 1st quarter. ClariVest Asset Management LLC now owns 10,713 shares of the semiconductor company’s stock worth $201,000 after purchasing an additional 546 shares during the period. Laurion Capital Management LP purchased a new stake in DAQO New Energy Corp. during the 1st quarter worth $343,000. Finally, Morgan Stanley boosted its position in DAQO New Energy Corp. by 243.5% during the 1st quarter. Morgan Stanley now owns 100,534 shares of the semiconductor company’s stock worth $1,888,000 after purchasing an additional 71,264 shares during the period. 28.39% of the stock is owned by hedge funds and other institutional investors.

DAQO New Energy Corp. Company Profile

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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