DAQO New Energy Corp. $DQ Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of DAQO New Energy Corp. (NYSE:DQ) by 39.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 31,364 shares of the semiconductor company’s stock after acquiring an additional 8,815 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in DAQO New Energy were worth $476,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of DQ. Caitong International Asset Management Co. Ltd lifted its stake in shares of DAQO New Energy by 86,700.0% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 1,734 shares during the period. Virtu Financial LLC acquired a new position in DAQO New Energy in the first quarter valued at $187,000. Vident Advisory LLC purchased a new position in DAQO New Energy during the first quarter worth about $216,000. Harvest Portfolios Group Inc. acquired a new stake in DAQO New Energy in the 1st quarter worth about $305,000. Finally, XTX Topco Ltd purchased a new stake in DAQO New Energy in the 1st quarter valued at about $316,000. 47.22% of the stock is currently owned by institutional investors and hedge funds.

DAQO New Energy Stock Up 5.9%

DAQO New Energy stock opened at $33.59 on Friday. The firm has a fifty day moving average of $28.62 and a 200-day moving average of $21.79. DAQO New Energy Corp. has a 52-week low of $12.40 and a 52-week high of $36.59. The firm has a market capitalization of $2.25 billion, a P/E ratio of -6.53 and a beta of 0.73.

DAQO New Energy (NYSE:DQ) last posted its earnings results on Monday, October 27th. The semiconductor company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.61) by $0.39. DAQO New Energy had a negative net margin of 53.74% and a negative return on equity of 5.89%. The business had revenue of $162.30 million for the quarter, compared to analyst estimates of $176.78 million. On average, research analysts expect that DAQO New Energy Corp. will post -3.5 EPS for the current fiscal year.

DAQO New Energy announced that its Board of Directors has authorized a stock buyback program 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. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Roth Capital set a $30.00 price objective on shares of DAQO New Energy and gave the stock a “neutral” rating in a report on Tuesday, October 28th. The Goldman Sachs Group set a $18.30 price target on shares of DAQO New Energy and gave the stock a “neutral” rating in a research note on Wednesday, October 29th. New Street Research set a $15.40 price objective on shares of DAQO New Energy in a research note on Thursday, September 18th. Hsbc Global Res upgraded DAQO New Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 27th. Finally, Wall Street Zen raised DAQO New Energy from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $27.04.

DAQO New Energy 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.