DAQO New Energy Corp. $DQ Shares Sold by Waterfront Wealth Inc.

Waterfront Wealth Inc. cut its stake in shares of DAQO New Energy Corp. (NYSE:DQ) by 1.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 76,333 shares of the semiconductor company’s stock after selling 929 shares during the quarter. Waterfront Wealth Inc. owned 0.11% of DAQO New Energy worth $1,158,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of DAQO New Energy by 1.5% during the first quarter. Vanguard Group Inc. now owns 1,745,544 shares of the semiconductor company’s stock worth $31,612,000 after purchasing an additional 26,359 shares during the period. Charles Schwab Investment Management Inc. raised its position in DAQO New Energy by 227.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 162,085 shares of the semiconductor company’s stock worth $2,935,000 after acquiring an additional 112,562 shares in the last quarter. Continental General Insurance Co. raised its position in DAQO New Energy by 0.8% in the first quarter. Continental General Insurance Co. now owns 5,966,202 shares of the semiconductor company’s stock worth $108,048,000 after acquiring an additional 50,000 shares in the last quarter. Hsbc Holdings PLC raised its position in DAQO New Energy by 514.3% in the first quarter. Hsbc Holdings PLC now owns 501,145 shares of the semiconductor company’s stock worth $9,026,000 after acquiring an additional 419,569 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in DAQO New Energy in the first quarter worth $316,000. 47.22% of the stock is owned by institutional investors and hedge funds.

DAQO New Energy Trading Down 1.4%

DAQO New Energy stock opened at $29.28 on Wednesday. The stock has a market cap of $1.96 billion, a P/E ratio of -5.70 and a beta of 0.60. The stock has a 50 day moving average of $26.66 and a 200-day moving average of $20.19. DAQO New Energy Corp. has a 52 week low of $12.40 and a 52 week high of $31.21.

DAQO New Energy (NYSE:DQ) last announced its quarterly earnings data on Monday, October 27th. The semiconductor company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.61) by $0.39. DAQO New Energy had a negative return on equity of 5.89% and a negative net margin of 53.74%.The firm had revenue of $162.30 million for the quarter, compared to analysts’ expectations of $176.78 million. As a group, equities analysts predict that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

DAQO New Energy declared that its board has authorized a share buyback plan on Tuesday, August 26th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on DQ shares. Roth Capital set a $30.00 price objective on DAQO New Energy and gave the stock a “neutral” rating in a research report on Tuesday. HSBC upgraded DAQO New Energy from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research report on Wednesday, August 27th. Hsbc Global Res upgraded DAQO New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 27th. Weiss Ratings restated a “sell (d)” rating on shares of DAQO New Energy in a research report on Wednesday, October 8th. Finally, Citigroup lifted their price objective on DAQO New Energy from $27.00 to $37.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.82.

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.